BitMine Makes $70M Ether Purchase as Tom Lee Adjusts Bitcoin Forecast

BitMine Immersion Technologies has continued to expand its Ether reserves despite the broader crypto market weakness, adding nearly $70 million in ETH over the past three days. The move further accelerates the company’s long-term strategy of accumulating a substantial share of the Ether supply.

Data from Lookonchain shows that BitMine purchased 7,080 ETH on Monday for roughly $19.8 million. That followed a larger buy two days earlier, when the same wallet acquired 16,693 ETH for about $50.1 million. Combined, the firm added nearly 24,000 ETH during a period when markets have remained under pressure.

Last week BitMine made an even larger move, adding 96,800 ETH at a cost of around $273 million. According to strategicethreserve.xyz, BitMine remains the largest Ether-focused digital asset treasury by a wide margin. The company is now about 62% of the way toward its target of holding 5% of all ETH in circulation.

Even so, the latest buys deepen BitMine’s unrealized losses. The firm disclosed that it holds roughly 3.7 million ETH with an average entry price of $3,008. At current levels, its position remains in the red.

Tom Lee, BitMine’s chairman, has also continued to adjust his expectations for the Bitcoin market. Earlier in the year, Lee projected that Bitcoin could reach a new all-time high of $250,000 before the end of 2025. As market conditions deteriorated, he revised that outlook multiple times, at one point suggesting Bitcoin might simply retest its old high before the end of the year.

In an interview with CNBC, Lee updated his view yet again. He now believes Bitcoin has a realistic chance of reaching a new high in January, citing the potential for a rebound in equities to fuel risk appetite.

Other analysts see the recent crypto drawdown as disconnected from broader market indicators. Jeff Dorman, chief investment officer at Arca, argued that macro fundamentals remain strongly supportive. He pointed to record equity performance, easing monetary conditions, strong corporate earnings, and continued demand for AI and infrastructure spending.

Dorman also pushed back on common bearish narratives, noting that several rumored risk factors — such as selling from major firms or renewed hawkishness from the Federal Reserve — have not materialized. Instead, he suggested that the slowdown may reflect structural liquidity issues. He added that although major institutions such as Vanguard, State Street, JPMorgan, and others are preparing to enter the crypto space, many still lack the internal systems or mandates to begin allocating capital at scale.

Until those channels open fully, Dorman suggested, crypto could continue to experience fragmented liquidity even as the broader financial environment remains supportive.