BitMine Adds $70M in ETH as Tom Lee Adjusts Bitcoin Forecast

Digital asset treasury firm expands holdings despite being underwater; Bitcoin ATH timeline revised

BitMine Immersion Technologies has purchased an additional 23,773 Ether over the past three days, bringing its total ETH holdings past $10 billion. The acquisitions coincide with a revised Bitcoin all-time-high (ATH) prediction by BitMine chairman Tom Lee, reflecting a cautious approach amid a broader market slowdown.

Ether Accumulation Continues

According to blockchain analytics, BitMine acquired 16,693 ETH for roughly $50.1 million on Saturday and another 7,080 ETH for $19.8 million on Monday, totaling nearly $70 million. The firm now holds 3.7 million ETH at an average cost of $3,008 per token, marking it as the largest Ether digital asset treasury (DAT) in the market.

BitMine’s objective is to hold 5% of Ethereum’s total supply; it is currently 62% of the way toward that goal. Recent purchases follow last week’s acquisition of 96,800 ETH, reinforcing the firm’s strategy to scale its treasury despite short-term market pressures.

Tom Lee Revises Bitcoin Timeline

Tom Lee has shifted his previous forecast for Bitcoin’s next ATH from the end of 2025 to January 2026, citing equity market recovery as a key factor. “I do think Bitcoin can make an all-time high by the end of January,” Lee said, emphasizing macro conditions as critical to timing.

Other analysts highlight that crypto’s recent weakness may stem more from liquidity constraints than fundamental issues. Jeff Dorman of Arca commented, “Bullish fundamentals are intact, but large institutions still face friction in deploying capital into digital assets, delaying broader market support.”

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.