BitMine Immersion Technologies has significantly ramped up its Ethereum (ETH) purchases, acquiring 110,288 ETH last week alone — a 34% increase compared to the previous week. This aggressive move comes amid a notable dip in Ethereum’s price, which the company’s chairman, Tom Lee, described as a “compelling buying opportunity” for expanding the firm’s digital asset reserves.
With this latest acquisition, BitMine’s Ethereum holdings have reached 3,505,723 ETH, valued at approximately $12.5 billion based on an average buy-in price of $3,639 per token. The company has made it clear that it is striving to control 5% of the total circulating ETH supply, which currently stands at 120,696,594 coins. Following the recent purchase, BitMine now holds roughly 2.9% of that supply — pushing it ever closer to its stated goal.
Originally launched as a cryptocurrency mining operation, BitMine has evolved into the largest Ethereum treasury holder in the world. Its strategic pivot from mining to accumulation reflects a broader institutional shift in how digital assets are viewed and utilized. Tom Lee, who also serves as co-founder of the financial research firm Fundstrat, remains overtly optimistic about Ethereum’s long-term value. He has previously projected that ETH could hit prices between $10,000 and $12,000 by the end of 2025.
Currently, ETH is trading around $3,561, a decline of 13.4% over the past two weeks and 4.7% over the past month. This places BitMine’s acquisition strategy temporarily in the red, at least on paper. However, if Lee’s bullish prediction is realized, the value of BitMine’s treasury could increase dramatically — requiring a price surge of over 180% by the close of 2025 to meet the forecasted target.
Despite ETH’s short-term price correction, BitMine’s stock (BMNR) has experienced an explosive rally in 2025, appreciating by more than 400% year-to-date and currently trading at $41.15. The stock’s performance signals strong investor confidence in the company’s long-term vision, especially its Ethereum-centric treasury strategy.
BitMine’s aggressive accumulation strategy suggests a growing trend among institutions to treat Ethereum not just as a utility asset, but as a strategic reserve similar to gold or fiat currencies. This outlook is further validated by Ethereum’s increasing presence in traditional finance, with adoption rates climbing across Wall Street and beyond.
The company’s accumulation efforts also coincide with a marked decrease in Ethereum network gas fees, which recently dropped to just 0.067 gwei. Lower transaction costs have made it more cost-effective for major players like BitMine to move large volumes of ETH without incurring significant expenses, potentially incentivizing further accumulation.
Experts believe BitMine’s move could have a ripple effect across the crypto industry. As more institutional investors observe the firm’s strategy, it may prompt similar behavior among hedge funds, asset managers, and even sovereign wealth funds. This could lead to greater demand for ETH and further reduce circulating supply, applying upward pressure on prices over time.
Beyond just accumulation, BitMine’s actions may pave the way for future Ethereum-based financial products such as ETFs or yield-bearing instruments. With the company holding a substantial portion of the total ETH supply, it may have the leverage to engage in decentralized finance (DeFi) protocols or participate in Ethereum staking at scale, further diversifying its revenue streams while supporting network security.
In the long term, BitMine’s strategy represents a broader institutionalization of digital assets. It reflects growing confidence in Ethereum as a foundational layer for decentralized applications, smart contracts, and tokenized finance. As regulatory clarity improves and infrastructure matures, Ethereum may increasingly be seen not just as a cryptocurrency but as a core component of the future financial system.
While short-term volatility remains a concern, BitMine’s long-term commitment to Ethereum signals a strategic bet on the future of blockchain technology. Whether or not Ethereum reaches the ambitious price targets set by Tom Lee, BitMine’s proactive approach positions it as a major player in the evolution of digital finance.
As the market continues to evolve, all eyes will be on BitMine and similar institutions to see how their strategies unfold — and whether their conviction in Ethereum’s long-term potential pays off.