BitMine Buys $70M in ETH While Tom Lee Updates Bitcoin Price Target

TLDR

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BitMine now holds 3.7 million ETH, with an average entry price of $3,008.
The firm’s ETH holdings are valued over $10 billion, aiming to reach 5% of supply.
Tom Lee now expects Bitcoin to hit an ATH by the end of January 2026.
BitMine bought 23,773 ETH during a market dip over three days.

BitMine Immersion Technologies has purchased $70 million worth of Ether over three days, reinforcing its plan to secure 5% of the ETH supply. Meanwhile, BitMine chairman Tom Lee has revised his prediction for Bitcoin’s next all-time high to January 2026, amid broader crypto market uncertainty.

BitMine Buys $70M in Ether Amid Market Dip

BitMine Immersion Technologies has added 23,773 ETH to its holdings over the past three days, spending nearly $70 million. The purchases occurred during a market downturn, with Ether trading below BitMine’s average purchase price.

On Monday, BitMine acquired 7,080 ETH for about $19.8 million, according to blockchain analytics firm Lookonchain. Two days earlier, it had purchased 16,693 ETH for approximately $50.1 million. These recent acquisitions increase BitMine’s total Ether holdings to 3.7 million tokens.

BitMine is now 62% of the way toward its long-term goal of accumulating 5% of Ethereum’s total supply. At current market prices, its holdings are worth more than $10 billion, though the company remains underwater on its total ETH position. BitMine confirmed that its average purchase price stands at $3,008 per ETH.

The firm is considered the largest ETH-focused digital asset treasury, according to data from StrategicETHReserve.xyz.

Bitcoin Price Target Repositioned by Tom Lee

Tom Lee, chairman of BitMine and co-founder of Fundstrat Global Advisors, has adjusted his Bitcoin outlook again. After previously predicting Bitcoin would reach $250,000 by the end of 2025, Lee now expects Bitcoin to reach a new all-time high in January 2026.

Speaking to CNBC on Sunday, Lee said, “I do think Bitcoin can make an all-time high by the end of January,” noting that a recovery in equities would be key to driving that move. He acknowledged that Bitcoin reaching a new high in December 2025 is now unlikely.

Lee added that he still believes Bitcoin can surpass $100,000 in early 2026 and revisit its previous peak of around $125,000. His comments come amid broader market uncertainty, as Bitcoin recently traded around $86,953.

Market Concerns and Institutional Readiness

The broader crypto market has been under pressure due to various macroeconomic factors. Lee cited global tightening policies and a hawkish stance by the Bank of Japan as contributing to recent weakness in asset prices.

Jeff Dorman, Chief Investment Officer at Arca, stated that there is no clear reason for the recent market decline. In an X post, Dorman emphasized that other markets, including equities and metals, are reaching new highs due to favorable conditions like rate cuts and strong earnings.

He also mentioned that institutional investors such as Vanguard and State Street are not yet fully integrated into the crypto market. Their limited access may be causing short-term liquidity issues.

“So while it’s great that Vanguard, State Street, BNY, JPM, MS, GS, etc are all COMING, they aren’t here today,” Dorman wrote.

BitMine’s Strategy Remains Unchanged

Despite being in a loss position with its ETH holdings, BitMine continues to accumulate Ether. Last week, Bitwise also made a large ETH acquisition, purchasing 96,800 ETH for $273.2 million, showing continued institutional interest in Ethereum.

The Ethereum market has remained relatively stable despite these large purchases, suggesting strong supply absorption. BitMine’s strategy is focused on long-term accumulation, aiming to become the dominant ETH treasury in the market.

As the crypto sector navigates macroeconomic pressures and institutional entry barriers, firms like BitMine appear committed to their roadmap regardless of short-term price trends.