BitMine adds $44M in ether while Tom Lee calls for $9K
Institutional crypto investor and miner BitMine has reportedly acquired roughly 14,618 Ethereum for $44.34 million, a significant accumulation at a time of elevated volatility in the broader cryptocurrency market. The company, led by Tom Lee, now holds 3% of all Ethereum after purchasing.
According to recent market commentary, this purchase is seen as a strong vote of confidence in ETH and may signal that BitMine anticipates significant upside ahead.
Data from Arkham Intelligence indicates that BitMine purchased ETH from BitGo at $3,033 each using the wallet address “0xbd0…E75B8.” BitMine has not officially confirmed this, but it is likely to grow its holdings, as it recently purchased $200 million worth of ETH.
BitMine continues to purchase more Ethereum despite the market decline
Analysts say the crypto market has been highly unpredictable recently, with prices fluctuating frequently; however, this hasn’t stopped BitMine from purchasing more ETH to support its long-term investment strategy. The company now holds 3% of the total ETH supply, with 3,629,701 ETH ($10.9 billion at current market prices), and states that it is not yet done, as it aims to own up to 5% of all the Ethereum in existence.
BitMine is establishing a strong and influential position that will enhance the value of its treasury and demonstrate to the market its confidence in the long-term value of ETH.
However, there are widespread effects on investor sentiment, trading activity, and price changes when a popular institution like BitMine buys large amounts of cryptocurrency at once. Such a significant purchase can increase trading volume in the market, cause prices to surge, and even draw more attention from both retail and professional traders.
In the past, similar purchases of ETH have resulted in price increases of 5% to 10% within 24 to 48 hours. Traders closely monitor these significant activities because they indicate the market’s direction and provide opportunities for investment. Ethereum now trades at nearly $3,018, with support levels at around $2,800 and resistance near $3,500. The presence of big players like BitMine could push the price towards resistance.
However, the effects of this significant purchase extend beyond ETH itself, as it also increases traders’ and investors’ confidence in other altcoins and blockchain projects built on Ethereum’s network. The support that BitMine has shown for Ethereum will encourage both retail and professional investors to buy or hold ETH, as they know influential institutions are backing the asset.
Tom Lee says Ethereum could reach $9,000
BitMine chair and popular cryptocurrency analyst, Tom Lee, said the price of ETH could increase significantly in the next few months, even after the market falls. He said the price could first drop to around $2,500 and then climb steadily to between $7,000 and $9,000 by the end of January 2026.
Lee also predicts that the price of Bitcoin could surpass $100,000 by the end of the year, as more companies and individuals will seek to buy and utilize cryptocurrency.
The BitMine chair also said the Federal Reserve will likely keep interest rates low to encourage investors to put more money into cryptocurrencies like ETH and BTC. With easier rates, people and companies will take more risks, invest more, and encourage others to join the market. Lee says investors can plan better, hold their investments longer, and avoid panicking during market fluctuations when they are sure of what to expect from big agencies like the Federal Reserve.
His predictions also impact stock markets, particularly tech-heavy indexes, as some investors perceive correlations between cryptocurrency and technology companies. So, when one grows, it will boost the other.
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