BitMine bought Ethereum (Ethereum) for about 70 million dollars in 3 days, confirming its doubling of investments amid falling prices.
The company now holds about 3.7 million Ethereum (Ethereum) and claims it has exceeded 60% of its long-term goal of owning 5% of the total supply.
Chairman Tom Lee believes that the price of Ethereum (Ethereum) has entered a growth cycle similar to that experienced by Bitcoin (Bitcoin) despite short-term losses.
Chairman Tom Lee believes that the price of Ethereum is entering a growth cycle similar to that experienced by Bitcoin (Bitcoin-BTC) despite short-term losses.
BitMine Immersion Technologies purchased large amounts of Ethereum during the recent market downturn, buying ETH worth nearly $70 million in just 3 days.
Blockchain data from Lookonchain shows that the company purchased 7,080 Ethereum for about $19.8 million on Monday, following a separate purchase of 16,693 ETH valued at nearly $50.1 million over the weekend.
The company continues to implement its strategy to aggressively accumulate the currency, aiming to become one of the largest institutional holders of Ethereum in the market.
BitMine doubles down on its bet on Ethereum despite unrealized losses
BitMine confirms its position as the largest digital asset treasury focused on Ethereum, with a wide margin over other institutions, according to sector watchers. In this regard, the company states that it currently holds approximately 3.7 million Ethereum at an average cost of $3,008 per coin, putting it at a loss at current prices.
However, management has not slowed the pace of purchases. The company claims it has completed nearly 62% of the way toward its long-term goal of acquiring 5% of the total supply of Ethereum.
In turn, Lee stated last month that Ethereum may be in the early stages of a massive growth cycle similar to the one that drove Bitcoin's price up 100-fold since 2017.
Lee stated that the current Ethereum market resembles the Bitcoin market eight years ago, a period characterized by sharp fluctuations that ultimately preceded one of the strongest bull market cycles in the history of digital currencies. He also pointed out that his company first recommended Bitcoin to Fundstrat clients in 2017 when it was trading at nearly $1,000. Since then, Bitcoin's price has seen several declines of up to 75% at times, yet its price has risen more than 100-fold since that initial recommendation.
Lee wrote: “We believe that Ethereum is beginning the same hyper-growth cycle,” arguing that the recent weakness of Ethereum reflects doubt rather than deterioration. He added: “To benefit from a 100-fold growth cycle, investors had to endure tough moments and hold the currency for the long term (HODL).”
It is worth noting that Ethereum's performance lagged behind Bitcoin throughout most of 2025, even as the market reached unprecedented levels. The price of Ethereum reached an all-time high of $4,946 in August, while Bitcoin's price surpassed $126,000 in October.
Appointment of a new CEO for BitMine
BitMine also appointed a new CEO as the company continues to build one of the largest Ethereum treasuries among publicly traded companies. The company announced last month that Chi Tsang will replace Jonathan Bates as CEO, with the decision taking effect immediately.
He said: “Thanks to its large holdings of Ethereum and its trusted reputation with both Wall Street and the Ethereum technical system, BitMine is poised to become a leading financial institution.” Alongside the management change, BitMine appointed three new independent members to the board.
Notably, Ethereum whales have significantly increased their investments as the price approached $3,000, a trend analysts say often precedes major market reversals.
CryptoQuant data shows that wallets holding between 10,000 and 100,000 Ethereum have accumulated an additional 7.6 million ETH since April, an increase of 52%, while smaller holders continue to reduce their balances.
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