BitMine’s digital treasury continues to grow, with its latest Ether purchases up 34% compared to the previous week.
On Monday, BitMine Immersion Technologies revealed it had acquired 110,288 ETH, bringing its total holdings to 3,505,723 ETH at an average price of $3,639 per token.
In the announcement, BitMine Chairman Tom Lee described the recent ETH price dip as an “attractive opportunity” for the company and emphasized the increasing adoption of Ether on Wall Street.
“To me, it is evident that Wall Street is very interested in tokenizing assets onto the blockchain, creating greater transparency and unlocking new value for issuers and investors. This is the key fundamental story and supports our view that Ethereum is a super cycle story over the next decade.”
BitMine Immersion Technologies, which began as a cryptocurrency mining firm, has grown into the largest Ethereum treasury holder, with its current ETH holdings valued at approximately $12.5 billion.
The company aims to own 5% of the total 120,696,594 ETH supply, and its latest purchase has brought its stake to 2.9%.
Tom Lee, BitMine’s chairman and co-founder of financial research firm Fundstrat, remains highly bullish on ETH’s price potential. In mid-October, with less than three months left in the year, he projected Ether could reach between $10,000 and $12,000 by the end of 2025.
At the time of writing, ETH is trading at $3,561, down 13.4% over the past two weeks and 4.7% over the past 30 days. At this level, BitMine’s massive treasury is in the red, requiring a roughly 180% price surge by December to reach Lee’s $10,000 target.
Meanwhile, BitMine’s stock, BMNR, has dominated the market in 2025, climbing over 400% year-to-date to $41.15.
