BitMine Immersion Technologies expanded its Ethereum position again, prompting fresh attention across digital-asset markets. The firm added 14,618 ETH on Thursday through wallet activity tracked by Lookonchain and Arkham Intelligence. The movement, valued at $44.34 million, flowed from BitGo to a BitMine-linked address, although the company has not formally confirmed the purchase.
BitMine Sets Sights on 5% of Ethereum Supply
Meanwhile, the activity follows BitMine’s recent disclosure of a $200 million ETH acquisition, reinforcing its strategy of building a large corporate treasury. According to its last official update, the firm controls 3.63 million ETH, worth roughly $10.9 billion. The stake accounts for nearly 3% of the circulating supply, signaling an ongoing push toward its stated ambition of securing 5% of Ethereum’s total supply.
The strategy aligns with bullish claims from Chair Tom Lee. He has repeatedly commented that major U.S. institutions and policymakers will eventually lean toward Ethereum because of its neutrality and utility across tokenization, settlement, and market integration.
Lee Sees an Engineered Bottom Forming Near $2,500
Notably, Tom Lee continues to advance one of the market’s most aggressive Ethereum forecasts. In a recent interview, he argued that the sharp decline from $4,800 to the mid-$2,000s reflected an engineered liquidation rather than a breakdown in Ethereum’s structure. He labelled the move a washout intended to shake out short-term positions before a major cycle advance.
According to Lee, the setup favors long-term buyers. He expects ETH to stabilize near $2,500 and then accelerate toward $7,000 to $9,000 by January 2026. He also emphasized that the broader narrative remains intact, supported by tokenization trends and what he describes as the “ChatGPT moment” for stablecoins. As a result, he views additional price pressure as an opportunity rather than a threat.
Lee also pointed to macroeconomic signals as an essential catalyst. He told CNBC he expects the Federal Reserve to turn more accommodative by the end of the year, which could ease liquidity constraints that have weighed heavily on digital assets. He even suggested that Bitcoin could push above $100,000 under a more supportive policy environment.
Meanwhile, Ethereum changes hands at $3,019 at the time of writing, sustaining its trend above the crucial $3,000 psychological level. ETH has posted a double-digit increase in the past seven days, recovering from a broader market plummet last week.
Evans Kelvin
The CoinRemark Team
