BitMine has expanded its corporate Ethereum reserves by $417 million, solidifying its position as the largest public holder of the cryptocurrency. On-chain data from Lookonchain shows the company acquired 104,336 ETH over the past seven hours, distributing the tokens across three new wallets via transfers from Kraken and BitGo.
With this latest purchase, BitMine’s Ethereum holdings now exceed 3.03 million ETH, representing over 2.5% of the total supply. The firm has added more than 300,000 ETH in just the past week, taking advantage of recent market dips to grow its treasury.
This acquisition continues BitMine’s strategy of aggressively buying during market pullbacks—a practice Chairman Tom Lee describes as purchasing assets at a “substantial discount to the future.” Reaching 3 million ETH puts the company halfway toward its long-term goal of controlling 5% of all Ethereum in circulation, a threshold that would give it significant influence over network liquidity and staking infrastructure. The firm aims to cement its role as a key player in the Ethereum ecosystem, viewing ETH as a core institutional asset.
$10K ETH? Tom Lee Remains Optimistic
Tom Lee, CEO of BitMine, has reiterated his prediction that Ethereum could reach $10,000 to $12,000 by the end of 2025. Speaking on a recent Bankless podcast, he described Ethereum as a “neutral chain” favored by Wall Street, highlighting its decentralized design, growing institutional adoption, and involvement in government tokenization pilots.
Lee explained that his bullish outlook is fueled by a combination of corporate and sovereign adoption, favorable U.S. regulatory sentiment, and the broader shift toward tokenized finance. He emphasized Ethereum’s politically neutral and censorship-resistant reputation as a key factor likely to attract large-scale institutional inflows in the coming months.
Despite this optimism, ETH’s market performance remains subdued. The token is currently trading at $4,022, down over 2% on the day and more than 10% from early October highs above $4,600. The pullback mirrors broader market weakness, although continued institutional accumulation and treasury growth offer support.
To hit Lee’s $10,000 target, Ethereum would need to rally more than 150% from current levels—a move dependent on renewed risk appetite, steady ETF inflows, and stronger macroeconomic conditions.
