BitMine Immersion Technologies continues its aggressive Ethereum accumulation, purchasing 110,288 ETH last week, a 34% increase from the prior week.
The acquisition brings BitMine’s total Ether holdings to 3,505,723 tokens at an average price of $3,639 per token.
BitMine chairman Tom Lee highlighted the opportunity presented by recent Ether price dips.
“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,” Lee said.
Originally a cryptocurrency mining firm, BitMine has evolved into the largest Ethereum treasury company.
The firm’s ETH holdings are now valued at around $12.5 billion, representing approximately 2.9% of the total 120,696,594 ETH supply.
BitMine has set a long-term goal of acquiring 5% of all Ethereum tokens.
Lee, who is also co-founder of financial research firm Fundstrat, remains highly bullish on ETH’s potential.
In mid-October, he forecasted Ether could reach between $10,000 and $12,000 by the end of 2025.
At the time of writing, ETH trades at $3,561, down 13.4% over the past two weeks and 4.7% in the past month.
This means BitMine’s treasury is currently in a paper loss, requiring a roughly 180% increase in price to reach Lee’s $10,000 target by year-end.
Meanwhile, BitMine’s stock, BMNR, has surged over 400% in 2025, trading at $41.15.
The company’s continued buying signals confidence in Ethereum’s long-term adoption and market positioning.
