BitMine’s digital cash accumulation shows no signs of slowing down, with the latest week of Ether buying marking a 34% increase from the previous week.
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 President Tom Lee said that the recent decline in the price of ETH represents an exciting opportunity for the company, while highlighting the adoption of Ether on Wall Street:
“It’s clear to me that Wall Street is very interested in tokenizing assets on 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 today the largest Ethereum treasury company, with its total ETH holdings currently valued at approximately $12.5 billion.
The company has set its goal of holding 5% of the total supply of 120,696,594 ETH, and its latest purchase brings its total to 2.9%.
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Tom Lee, who is also a co-founder of financial research firm Fundstrat, is unsurprisingly extremely optimistic about the price potential of ETH. In mid-October, with less than three months left in the year, Lee tipped the price to 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% over the past 30 days. At current levels, BitMine’s mammoth treasury is in the red, and the price needs a 180% rally by the end of December to reach Lee’s forecast of $10,000.
Meanwhile, BitMine’s BMNR stock has taken the market by storm in 2025, surging over 400% year to date to $41.15 at the time of writing.
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