BitMine Immersion Technologies is making headlines once again with its unwavering commitment to accumulating Ether (ETH). The company announced a significant purchase of 110,288 ETH this past Monday, marking a substantial 34% increase from its buying activity the previous week. This latest acquisition brings BitMine’s total Ether holdings to an impressive 3,505,723 ETH, acquired at an average price of $3,639 per token.
According to BitMine Chairman Tom Lee, the recent dip in ETH prices presented an “attractive opportunity” for the firm. Lee, also the co-founder of Fundstrat, highlighted the growing interest from Wall Street in tokenizing assets on the blockchain. “To me, it is evident that Wall Street is very interested in tokenizing assets onto the blockchain, creating greater transparency and unlocking new value for issuers and investors,” Lee stated. He further emphasized, “This is the key fundamental story and supports our view that Ethereum is a super cycle story over the next decade.”
Initially founded as a cryptocurrency mining operation, BitMine Immersion Technologies has strategically pivoted to become the largest Ethereum treasury company. Its current ETH holdings are valued at approximately $12.5 billion. The company has publicly declared its ambitious goal of owning 5% of the total 120,696,594 ETH supply. With its most recent purchase, BitMine has now reached 2.9% of this target.
Tom Lee remains highly optimistic about the future price trajectory of ETH. In mid-October, he projected that the price of Ether could reach between $10,000 and $12,000 by the end of 2025. Currently, ETH is trading at $3,561, experiencing a 13.4% decline over the past two weeks and a 4.7% drop in the last 30 days. At these levels, BitMine’s substantial treasury is in the red, and the price would need a remarkable 180% surge by the end of December to reach Lee’s $10,000 prediction.
While the price of ETH faces headwinds, BitMine’s stock (BMNR) has shown remarkable performance in 2025. The stock has surged by over 400% year-to-date, reaching $41.15 at the time of writing. This robust stock performance reflects investor confidence in BitMine’s long-term strategy and its significant bet on the future of Ethereum.
