Crypto-focused tech company BitMine Immersion Technologies has made a new purchase worth approximately $44.34 million, adding 14,618 ETH to its institutional Ethereum treasury.
BitMine Purchases $44 Million Worth of Ethereum
According to Lookonchain’s report, based on Arkham data, the purchase was made from BitGo via the “0xbd0…E75B8” wallet. However, BitMine has not yet officially confirmed the transaction.
This large-scale purchase comes after the company announced it had purchased $200 million worth of Ethereum just a few days earlier. According to the latest official data, BitMine holds 3,629,701 ETH in its treasury, worth approximately $10.9 billion.
This amount represents approximately 3% of the total Ethereum supply. The company has previously reiterated its goal of accumulating 5% of the total supply, emphasizing Ethereum’s growing role in financial services.
BitMine Chairman Tom Lee has repeatedly stated his support for Ethereum. Lee described the network as a “truly neutral” chain, saying both Wall Street and the US government would favor Ethereum for future blockchain projects.
Despite the sharp declines in the crypto market in recent weeks, Lee predicted in a recent podcast that the ETH price will bottom out around $2,500 and could rise to the $7,000-$9,000 range by January 2026.
In an interview, he stated that the US Federal Reserve could return to dovish policies at the end of the year, which could ease market pressure. Lee also said that Bitcoin could rise above $100,000 by the end of the year.
According to market data, Bitcoin is trading at $91,309, while the price of ETH has fallen to $3,018.
*This is not investment advice.