BitMine Immersion Technologies has accumulated an additional 23,773 Ether over the past three days, taking advantage of the ongoing market downturn—even as its chairman delays his forecast for Bitcoin reaching a new all-time high.
Data from crypto analytics platform Lookonchain, shared on X, shows that BitMine bought 7,080 ETH on Monday for roughly $19.8 million.
The same wallet acquired another 16,693 ETH on Saturday for about $50.1 million, bringing BitMine’s total purchases over the past three days to nearly $70 million.
These buys follow last week’s surge in activity, during which BitMine picked up 96,800 ETH worth roughly $273.2 million.
According to strategicethreserve.xyz, BitMine remains the largest ETH digital asset treasury (DAT) firm by a wide margin. The company is now 62% of the way toward its target of controlling 5% of the total Ether supply.
Despite its aggressive accumulation, BitMine is currently underwater at today’s prices. The firm disclosed on Sunday that it holds 3.7 million ETH at an average cost basis of $3,008 per coin.
Tom Lee Revises Bitcoin Outlook as Market Struggles
BitMine chairman Tom Lee has continued to adjust his Bitcoin forecast as the broader crypto market limps toward the close of 2025.
Up until October, Lee predicted Bitcoin would reach a new all-time high of $250,000 by year-end. He softened that stance last week, suggesting Bitcoin might “maybe” reclaim its previous ATH before 2025 closes.
In a new interview with CNBC on Sunday, Lee shifted once more, now projecting that Bitcoin will set a fresh all-time high in January.
“I do think Bitcoin can make an all-time high by the end of January,” Lee said, noting that “a lot of it’s gonna depend on equities recovering, which we expect.”
Meanwhile, Jeff Dorman, CIO of digital asset investment firm Arca, argued that the recent crypto slump lacks a clear catalyst. In an X post on Monday, he pointed to strong fundamentals across multiple markets:
“Wall Street is seeing all the same bullish signs I’m seeing—equity, credit, and gold/silver markets are hitting new all-time highs every month because the Fed is cutting rates, QT is ending, consumer spending is strong, record earnings, AI demand still incredibly strong, etc.”
Dorman suggested that the downturn may partly stem from liquidity constraints, noting that major institutions like Vanguard and State Street could be facing challenges when it comes to on-ramping into crypto.
“So while it’s great that Vanguard, State Street, BNY, JPM, MS, GS, etc. are all coming, they aren’t here today. And until it’s easy to buy through their existing mandates and systems, they just won’t do it,” he wrote.
