BitMine increased its Ethereum purchases by 34% compared to the previous week, adding another 110288 tokens to its portfolio amid a price drop.
On November 10, BitMine Immersion Technologies announced the acquisition of 110288 Ethereum, bringing the total to 3505723 $ETH at an average purchase price of $3639 per token. The total value of the digital reserve now stands at around $12.5 billion.
BitMine Chairman Tom Lee called the recent drop in Ethereum's price an 'attractive opportunity' and pointed to the growing interest of Wall Street in asset tokenization: 'It is clear to me that Wall Street is very interested in asset tokenization on the blockchain, creating greater transparency and unlocking new value for issuers and investors. This is a key fundamental story that supports our view that Ethereum is a supercycle story for the next decade.'
From miner to largest holder
BitMine Immersion Technologies started as a regular mining company and has now become the largest corporation accumulating Ethereum. The company has set an ambitious goal to own 5% of the total supply of 120,696,594 $ETH . Currently, it owns 2.9% of all tokens.
Tom Lee, who is also a co-founder of the research firm Fundstrat, shows extreme optimism about the potential of Ethereum. In mid-October, he predicted a price increase to $10,000-12,000 by the end of 2025.
Reality vs. Predictions
At the time of writing, Ethereum is trading at $3,549, which is 28% below the all-time high reached on August 25. At current levels, BitMine's giant treasury is at a loss. To meet Lee's price forecast of $10,000, the asset needs to rise by 180% over the remaining weeks until the end of December.
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