Key Takeaways
- BitMine added 110,288 ETH, raising holdings to 3.5 million ETH worth $12.5B.
- The firm is targeting 5% of the total Ethereum supply.
- ETH trades around $3,561, while BitMine’s stock is up 400% in 2025.
- Chairman Tom Lee sees Ethereum as the “core infrastructure” for Wall Street tokenization.
BitMine Doubles Down on Ethereum Amid Market Weakness
BitMine Immersion Technologies is strengthening its position as the world’s largest corporate holder of Ethereum, snapping up an additional 110,288 ETH last week as prices dipped below $3,600. The move marks a 34% increase from the company’s previous week of accumulation, highlighting its aggressive long-term bet on Ethereum’s future.
According to the firm’s Monday filing, BitMine now holds 3.5 million ETH valued at roughly $12.5 billion, at an average cost of $3,639 per token. The company aims to eventually control 5% of Ethereum’s total supply, a goal that would cement its dominance in the institutional crypto landscape.
Targeting 5% of Ethereum’s Supply
BitMine’s latest purchase brings its share of ETH’s total 120.7 million supply to 2.9%, pushing it closer to its ambitious target. Once known primarily for its crypto mining operations, the company has successfully repositioned itself as a digital asset treasury powerhouse.
Also Read: Ethereum Supply Plunge Sparks Bullish Outlook as Cardano Eyes $1 Breakout, Analyst Says
Chairman Tom Lee, also co-founder of Fundstrat Global Advisors, said the firm took advantage of the price weakness to expand holdings, calling Ethereum’s role in asset tokenization a “decade-long super cycle story.”
“Wall Street is very interested in tokenizing assets onto the blockchain,” Lee noted, adding that Ethereum’s transparent infrastructure is “unlocking new value for issuers and investors.”
Bullish Long-Term Outlook Despite Short-Term Losses
At the time of writing, ETH trades at $3,561, down 13.4% over the past two weeks. BitMine’s treasury currently sits slightly in the red, but Lee remains confident in Ethereum’s growth trajectory, forecasting prices between $10,000 and $12,000 by the end of 2025.
Meanwhile, BitMine’s stock (BMNR) has surged more than 400% year-to-date, trading at $41.15—a reflection of investor optimism around the company’s crypto strategy.
