BitMine Expands Ethereum Holdings With $250 Million Purchase
BitMine Immersion Technologies (NASDAQ: BMNR), chaired by Tom Lee, has made another major move in the crypto markets by purchasing $250 million worth of Ethereum (ETH) following a sharp market deleveraging earlier this month. The company’s latest accumulation, confirmed by Arkham Intelligence, came from major exchanges BitGo and Kraken and pushes BitMine’s total holdings to more than 3.3 million ETH — valued at roughly $13 billion.
This means BitMine now owns 2.74% of Ethereum’s total token supply, putting it well on its way toward its ambitious goal of holding 5% of all ETH in existence. Lee described the recent correction as an “attractive risk/reward” opportunity, noting that open interest for ETH has returned to levels last seen when the price was just $2,500.
The move underscores BitMine’s conviction in Ethereum’s long-term potential as the foundation of decentralized finance and tokenization infrastructure. Lee continues to project that ETH could reach $10,000 before the end of the year, a bold forecast that reflects his belief in what he calls the “Supercycle for Ethereum.”
Meanwhile, BitMine’s stock (BMNR) has surged nearly 8% on the news and is up more than 690% in the past six months — a sign of growing investor confidence in the company’s strategy. With BitMine now leading all publicly listed Ether treasuries by a wide margin, its bet on Ethereum positions it at the center of a broader institutional shift toward digital assets.
