Bitmine Buys $70m ETH While Tom Lee Revises Bitcoin Prediction

BitMine now holds over $10 billion in Ether, doubling down on its strategy to accumulate 5% of the supply despite being underwater on its total position.

BitMine Immersion Technologies has acquired another 23,773 Ether over the past three days amid the current market slump, as its chairman pushed back his prediction on Bitcoin’s all-time high.

According to an X post by the crypto data analytics platform Lookonchain, Bitmine purchased 7,080 Ether (ETH) for approximately $19.8 million on Monday.

The same wallet also purchased 16,693 ETH for approximately $50.1 million on Saturday, bringing the total to nearly $70 million over the past three days.

The moves continue the momentum from last week, which saw Bitwise purchased 96,800 ETH for around $273.2 million.

Bitmine is the largest ETH digital asset treasury firm (DAT) on the market by a significant margin, according to strategicethreserve.xyz.

Bitmine’s goal is now 62% of the way to its goal of holding 5% of the Ether supply. However, the firm is in the red at current prices, as it posted on Sunday that it has 3.7 million ETH at an average purchasing price of $3,008 per token.

Bitmine’s chairman, Tom Lee, has been adjusting his prediction for Bitcoin as the crypto market has stumbled toward the end of 2025.

Until October this year, Lee had been tipping Bitcoin (BTC) to hit a new ATH of $250,000 by the end of 2025. However, he walked back the call last week, speculating Bitcoin could “maybe” regain its all-time high at the end of this year.

Related: BitMine, Strategy, SharpLink stocks outpace crypto market recovery

Source: CoinTelegraph