Ethereum News: Tom Lee’s BitMine Buys Another $70 Million ETH

BitMine has increased its ETH purchases during the ongoing market dip, while Tom Lee moves his Bitcoin prediction.

BitMine Immersion Technologies has been on a major ETH buying run this year, even during the rough patches for the crypto market.

Recently, the company spent close to 70 million dollars on Ether in only three days. This push adds to an already large stockpile that makes BitMine one of the biggest ETH holders in the corporate space.

BitMine Continues To Buy More ETH

The firm bought 7,080 ETH for roughly $19.8 million on Monday. 

It also bought 16,693 ETH for about $50.1 million over the weekend. Data from Lookonchain shows that these purchases follow a steady pattern of accumulation. 

Last week, Bitwise also added 96,800 ETH, showing that several firms continue to be confident despite the recent downturn.

BitMine now holds around 3.7 million ETH. Its average purchase price sits near $3,008 per coin and current prices sit below that level, so the position shows a paper loss. 

Still, the firm says it is more than halfway to its long term aim of owning 5% of all ETH in circulation.

BitMine Chairman Tom Lee Revises Bitcoin Outlook Again

Tom Lee has changed his Bitcoin prediction several times this year. Before October, he expected Bitcoin to hit $250,000 by the end of the year. As the market slid, he dialed that back. 

He later said Bitcoin might only return to its all time high by the end of this year.

That changed again. In a weekend interview with CNBC, Lee said Bitcoin may reach a new high in January. He said this will depend on a rebound in equities. 

He also believes that stocks will recover soon, which could support Bitcoin.

Lee also sees a long growth cycle forming around ETH. He compared today’s Ether market to Bitcoin in 2017 and argued that Bitcoin went through harsh drops before it surged more than 100 times in value. 

Now, he believes ETH may follow a similar path.

Related Reading: BitMine Adds 14,618 ETH to Treasury After Price Rebound

BitMine Holds Firm on Its Long ETH Strategy

BitMine promotes itself as the largest ETH-focused digital asset treasury. The company tracks its progress through industry platforms that monitor corporate holdings. 

Even though its position sits underwater, BitMine has shown no sign of slowing down.

The company has made it clear that its plan stretches across many years. Management says its target remains 5% of all ETH, and its current holdings put it at about 62% of that goal.

Lee said the company first backed Bitcoin for Fundstrat clients when BTC traded close to $1,000. 

Since then, Bitcoin has dropped many times, including several major pullbacks near 7%. Yet it still climbed to more than 100 times that price. He believes ETH may be entering what he calls a Supercycle. 

He said recent ETH weakness comes from doubt rather than a breakdown. He argued that long-term investors often needed to manage tough moments to see large gains later.

ETH has lagged Bitcoin for most of the year. Ether reached its record high of $4,946 in August, and Bitcoin then pushed over $126,000 in October. 

This gap has caused debate among investors about ETH’s place in the next bull cycle.

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