BitMine doubles down on ETH with new $70M purchase

BitMine Immersion Technologies has reportedly purchased an additional 23,773 Ether, worth approximately $70 million, in the past three days. The purchase took place during the ongoing market decline. The company’s chairman, Tom Lee, on the other hand, has postponed his prediction for Bitcoin’s next all-time high.

This acquisition news was made public after the crypto data analytics platform Lookonchain shared an X post noting that BitMine bought 7,080 Ether, valued at around $19.8 million, on Monday, December 1. 

Notably, the company had acquired 16,693 ETH, worth approximately $50.1 million, on Saturday, November 29, in the same wallet. Adding the two purchases made, the total amount spent over the last three days was approximately $70 million. 

BitMine increases ETH holdings  

BitMine’s recent move demonstrates a growing trend of purchasing cryptocurrencies, specifically Ether, in the crypto ecosystem, which began last week. This trend was initially initiated when Bitwise bought 96,800 ETH for around $273.2 million.

With its significant ETH holding, BitMine has positioned itself as the biggest digital asset treasury company for ETH, standing out as a leader in the market, according to reports from strategicethreserve.xyz. 

Following this announcement, BitMine mentioned that it is looking forward to owning 5% of the total Ether supply. Interestingly, sources found out that the firm has already achieved 62% of this target.

However, despite making substantial purchases, sources have found that BitMine is encountering losses at current prices. This finding was noted after the company reported on Sunday that it held approximately 3.7 million ETH, with an average buying price of $3,008 per token. 

On the other hand, analysts highlighted that BitMine’s chairman has been adjusting his BTC prediction as the crypto market struggled towards the end of 2025.

Concerning his recent forecast, which extended until October this year, Lee had estimated that Bitcoin would hit a new record of $250,000 by the end of 2025. After taking several factors into account, he decided to revise this forecast and proposed that the cryptocurrency might likely return to its earlier peak by the end of the year. 

Moreover, during an interview held last Sunday, Lee made another adjustment in his viewpoint. This time round, the chairman believed that Bitcoin could hit a new peak in January.

Lee shared a statement noting that he strongly believes that BTC can achieve an all-time high by the end of January. According to him, a lot will depend on stocks recovering, which he anticipates will occur.

In other news, Jeff Dorman, Chief Investment Officer at digital asset investment firm Arca, commented on the situation. Dorman mentioned that there is no clear reason why the cryptocurrency market has been encountering difficult times.

Dorman argues that the crypto market faces a positive trend

Dorman shared an X, noting that there are positive trends in various markets and argued that Wall Street also discovered these hopeful signs. This is because the Fed is reducing interest rates, quantitative tightening is ending, consumer spending remains solid, firms are reporting record earnings, and demand for AI continues to surge, he explained.

“At the same time, all the supposed reasons for crypto’s decline can be easily disproven or have changed — MSTR isn’t selling off, Tether isn’t going bankrupt, DATs aren’t being sold off, NVDA isn’t collapsing, the Fed isn’t becoming more aggressive with rates, and tariff wars aren’t starting again.” 

Dorman proposed that part of the issue might be connected to liquidity problems, as he mentioned some of the possible challenges faced by large institutions, such as Vanguard and State Street, when attempting to enter the market. 

“So while it’s exciting that firms like Vanguard, State Street, BNY, JPM, MS, GS, etc., are planning to join in, they aren’t here yet. Until it becomes easy for them to buy through their current systems and guidelines, they won’t do it,” he wrote. 

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