Bitmine Just Made Its Largest Ethereum Purchase Since June. Here's Why That Matters For Ethereum Investors.
Key Points
With its recent $69 million buy, Bitmine now owns 4.9% of all Ethereum in circulation.
Steady buying by Ethereum treasury companies can help to push up the price of ETH over time.
According to Tom Lee of Bitmine, Ethereum could be on a trajectory to a future price of $250,000.
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Given the recent upswing in crypto prices, it's perhaps no surprise that digital asset treasury companies are starting to make impressive buys once again. Case in point: Bitmine Immersion Technologies (NYSE: BMNR) -- the biggest Ethereum (CRYPTO: ETH) treasury company -- just snagged another $69 million worth of ETH, its largest buy since June.
Bitmine is now closing in on its goal of owning 5% of all ETH in circulation. That could be good news for Ethereum investors everywhere, and here's why.
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A floor under the price of Ethereum
The best way to keep a floor under the price of any asset is a reliable source of steady buying. Cryptocurrencies need a steady hand at the tiller, helping to guide their price higher.
That's exactly what Bitmine could be, simply by virtue of its size and steady focus on buying as much Ethereum as it can. The company has now purchased Ethereum on a regular weekly basis since its formation in June 2025.
Image source: Getty Images.
That's something that even Strategy (NASDAQ: MSTR) -- the biggest Bitcoin treasury company -- can't claim. This summer, Strategy made waves when it abruptly halted its Bitcoin buying operations to focus on shoring up its balance sheet.
In essence, Ethereum treasury companies such as Bitmine are performing a role that the spot Ethereum ETFs were supposed to perform. However, these ETFs have been hit with outflows during the summer, given the declining prices for all top cryptos. So Bitmine has been forced to step into the breach.
New optimism about Ethereum's price trajectory
Tom Lee, the chair of Bitmine and a noteworthy Wall Street strategist, has emerged as one of the biggest cheerleaders for Ethereum. Due to his company's 4.9% stake in Ethereum, he now has a platform to talk about his vision for Ethereum.
As Lee sees it, Ethereum is entering into a new golden age of "ETH 2.0." This marks a new period of mainstream adoption, a rapid proliferation of new use cases, and wide-scale adoption by top Wall Street companies.
From this perspective, Ethereum could be on a rocket ship to $250,000. That helps to explain why Lee is scooping up Ethereum at a beaten-down price of just $2,500. There could be 100x returns ahead.
Reasons to be skeptical
Of course, it's easy to see why some investors are still skeptical about Ethereum. While it remains the top Layer 1 blockchain in the world, it now has many top-tier competitors.
Moreover, over the past 24 months, Ethereum has appeared rudderless at times. Its founder, Vitalik Buterin, has even bemoaned the blockchain's transformation into a giant crypto casino for Wall Street.
Should you buy Ethereum now?
Ethereum is trading at a 50% discount for a reason. When was the last time you walked into a store and found a 50% markdown worth bragging about?
So, buyer beware. Massive digital asset treasury companies wading back into the crypto waters is no guarantee that Ethereum is going to explode in price. But at least there's now reason for optimism.
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Dominic Basulto has positions in Ethereum. The Motley Fool has positions in and recommends Ethereum. The Motley Fool has a disclosure policy.
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