BitMine Immersion Technologies has expanded its Ethereum holdings with a $44 million purchase, reinforcing its long-term belief in ETH even as market prices remain sluggish.
Key Takeaways
- BitMine acquired 14,618 ETH worth $44.34 million through BitGo, increasing its total holdings to approximately 3.63 million ETH.
- The company now holds about 3 percent of the total Ethereum supply, moving toward its target of 5 percent.
- Chairman Tom Lee forecasts Ethereum to hit $7,000 to $9,000 by January 2026, citing institutional backing and macroeconomic shifts.
- Despite the significant purchase, ETH prices remain flat and BitMine stock (BMNR) is still under pressure, though it rose 9 percent following the news.
What Happened?
BitMine Immersion Technologies, the publicly traded crypto treasury firm led by Tom Lee, purchased 14,618 ETH on Thursday at an average price of approximately $3,033 per coin. The purchase was processed through institutional custodian BitGo, according to on-chain data verified by Arkham Intelligence and Lookonchain.
Following this acquisition, BitMine now holds around 3.63 million ETH, valued at over $10 billion, or roughly 3 percent of Ethereum’s circulating supply.
JUST IN: 🇺🇸 Publicly traded BitMine Immersion buys another 14,618 $ETH worth $44.3 million. pic.twitter.com/TKFs1itrQ0
— Whale Insider (@WhaleInsider) November 28, 2025
BitMine’s Strategic Ethereum Accumulation
BitMine’s latest acquisition aligns with its broader strategy of dominating the Ethereum treasury space. The company has publicly committed to owning 5 percent of the total ETH supply, which equates to nearly 6 million ETH.
To achieve this, BitMine exited Bitcoin mining operations in early 2025 and shifted focus to Ethereum. It raised over $7 billion by issuing new shares and used those funds to accumulate ETH aggressively. This pivot was also part of its plan to support the Made in America Validator Network, a project scheduled to launch in 2026 that will allow BitMine to stake its ETH and help secure the Ethereum network.
According to the Strategic ETH Reserve, 68 corporate entities now collectively hold around 6.36 million ETH, or 5.26 percent of the total supply. BitMine alone holds over half of that figure, making it the largest single corporate ETH holder.
While the company’s Ethereum portfolio trades at a 20 percent discount to its net asset value, with a modified NAV (mNAV) of 0.80, market analysts suggest this may reflect broader investor uncertainty or skepticism about BitMine’s concentrated ETH strategy.
Market Reaction and Price Behavior
Despite the large inflow of capital, Ethereum’s price has stayed flat, hovering around $3,030. Over the past month, ETH is still down about 25 percent, largely due to outflows from spot ETH ETFs, ongoing market volatility, and a lack of institutional momentum.
Interestingly, BitMine’s stock (BMNR) rose nearly 9 percent to $31.74 following the announcement. However, it remains down 37 percent over the past month, mirroring broader crypto market losses, which are down approximately 22 percent during the same period.
Tom Lee’s Bullish Outlook
Tom Lee, BitMine’s Chairman and a well-known market strategist, reaffirmed his bullish stance on Ethereum. In a recent podcast, Lee predicted ETH could reach between $7,000 and $9,000 by January 2026, calling Ethereum a “truly neutral chain” and the preferred platform for Wall Street and government-backed financial infrastructure.
He also told CNBC he expects the Federal Reserve to shift toward a more dovish stance by the end of the year, potentially creating a more favorable macroeconomic environment for crypto. In that same interview, Lee predicted Bitcoin could climb above $100,000 within the year.
CoinLaw’s Takeaway
In my experience, when a company like BitMine goes all-in on a single asset strategy, it signals deep conviction. This latest $44 million buy is not just another trade; it’s a strategic move to position BitMine as the go-to Ethereum treasury. What stands out to me is not just the size of the purchase, but the vision behind it. Tom Lee is betting on Ethereum not just as an asset, but as the backbone of future financial systems. While the market may not be reflecting that optimism just yet, smart money seems to be positioning itself ahead of the curve. If Ethereum does reach $9,000 in 2026, BitMine could be sitting on a game-changing win.
