Summary:
BitMine Immersion Technologies has significantly increased its Ethereum (ETH) holdings, purchasing an additional 110,288 ETH last week—a 34% week-over-week increase. This brings their total ETH holdings to 3,505,723 tokens, valued at approximately $12.5 billion. Chairman Tom Lee cited the recent ETH price dip as an attractive buying opportunity and emphasized Wall Street’s growing interest in blockchain-based asset tokenization. BitMine aims to own 5% of the total ETH supply, currently holding 2.9%.
What This Means for You:
- BitMine’s aggressive ETH accumulation signals confidence in Ethereum’s long-term value, making it a key consideration for investors.
- Wall Street’s involvement in blockchain tokenization could drive broader adoption of ETH and other cryptocurrencies.
- Monitor ETH price movements and market trends, as BitMine’s actions may influence sentiment and liquidity.
- Be cautious of potential market volatility, especially with ambitious price predictions like Tom Lee’s $10,000-$12,000 ETH target by 2025.
BitMine Buys 34% More ETH Week-Over-Week, Adding 110,288 Ether:
BitMine’s digital treasury accumulation is showing no signs of slowing down, with its latest week of Ether buying marking a 34% increase from the week before.
BitMine Immersion Technologies announced the purchase of 110,288 Ether (ETH) on Monday, bringing its total to 3,505,723 ETH at an average purchase price of $3,639 per token.
As part of the announcement, BitMine’s chairman Tom Lee said the recent ETH price dip presented an attractive opportunity” for the firm, as he went on to highlight Ether adoption happening on Wall Street:
“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. This is the key fundamental story and supports our view that Ethereum is a super cycle story over the next decade.”
BitMine Immersion Technologies, which initially started as a cryptocurrency mining company, is now the largest Ethereum treasury company, with its total ETH holdings currently valued at around $12.5 billion.
The firm has outlined the goal of owning 5% of the total 120,696,594 ETH supply, and its latest purchase takes its tally up to 2.9%.
Related: Ethereum network gas fees drop to just 0.067 gwei amid slowdown
Tom Lee, who is also the co-founder of financial research firm Fundstrat, is unsurprisingly extremely bullish on the price potential of ETH. In mid-October, with less than three months left in the year, Lee tipped the price to hit between $10,000 and $12,000 before the end of 2025.
At the time of writing, ETH is currently trading at $3,561, down 13.4% over the past two weeks and 4.7% in the past 30 days. At current levels, BitMine’s mammoth treasury is in the red, and the price needs a 180% pump between now and the end of December to hit Lee’s $10,000 prediction.
Meanwhile, BitMine’s stock BMNR stormed the market in 2025, surging by over 400% year-to-date to hit $41.15 at the time of writing.
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Extra Information:
Ethereum Network Gas Fees Drop to Just 0.067 Gwei Amid Slowdown provides insights into current ETH transaction costs, which are relevant to BitMine’s strategy. ARK Invest’s Recent Moves Involving BitMine highlights broader market trends impacting BitMine’s stock performance.
People Also Ask About:
- Why is BitMine buying so much ETH? BitMine sees ETH as a long-term investment with significant growth potential.
- What is the significance of Wall Street’s interest in blockchain? It could drive mainstream adoption and increase the utility of Ethereum.
- How does BitMine’s ETH accumulation affect the market? It may boost investor confidence and influence ETH’s liquidity and price dynamics.
- Is Ethereum’s price likely to hit $10,000 by 2025? While Tom Lee is optimistic, market conditions and adoption rates will play a decisive role.
Expert Opinion:
Tom Lee’s bullish stance on Ethereum underscores the growing institutional interest in blockchain technology. BitMine’s aggressive accumulation of ETH reflects confidence in its potential to revolutionize asset tokenization, signaling a transformative shift in how Wall Street interacts with digital assets.
Key Terms:
- BitMine Ethereum holdings
- Ethereum price prediction 2025
- Wall Street blockchain tokenization
- BitMine stock BMNR performance
- Ethereum super cycle story
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