Institutional appetite for Ethereum (ETH) shows no sign of slowing down. In its latest move, BitMine has expanded its Ethereum treasury by another $417 million, solidifying its position as the largest public holder of ETH and signaling renewed institutional conviction in the world’s second-largest cryptocurrency.
BitMine Snaps Up 104,000+ ETH Amid Price Dip
According to on-chain data from Lookonchain, BitMine purchased 104,336 ETH worth roughly $417 million—over the past seven hours. The tokens were distributed across three new wallets, with transfers traced back to Kraken and BitGo.
Following this latest accumulation, BitMine’s total Ethereum holdings have climbed above 3.03 million ETH, accounting for more than 2.5% of the total circulating supply. The company has added over 300,000 ETH in just the past week, strategically buying during recent market dips to expand its reserves.
Chairman Tom Lee described the firm’s ongoing accumulation strategy as an effort to “buy assets at a substantial discount to the future,” reinforcing the company’s long-term conviction in Ethereum’s role as a foundational asset for institutional treasuries.
Targeting 5% of Ethereum’s Supply
Reaching the 3 million ETH milestone brings BitMine closer to its ambitious target of controlling 5% of all ETH in circulation. Achieving that level would give the company significant influence over Ethereum’s network liquidity, staking infrastructure, and overall ecosystem stability.
BitMine’s aggressive strategy reflects a growing trend among institutional players who now view ETH as a core balance-sheet asset not just a speculative play. The firm’s continued expansion underscores its intention to position itself as a major force within the Ethereum ecosystem, particularly as institutional adoption of blockchain technology accelerates.
Tom Lee: “Ethereum Still Has Room to Run”
Despite recent market softness, BitMine’s chairman Tom Lee remains resolutely bullish.
In a recent Bankless podcast, Lee reiterated his belief that Ethereum could reach between $10,000 and $12,000 by the end of 2025.
He called Ethereum a “neutral chain” favored by Wall Street, emphasizing its decentralized architecture, growing corporate adoption, and participation in government tokenization pilots. According to Lee, Ethereum’s censorship-resistant and politically neutral nature gives it a unique edge among institutional investors seeking transparency and long-term stability.
Lee believes that this convergence of corporate and sovereign adoption, positive U.S. regulatory signals, and the expansion of tokenized finance could drive massive institutional inflows in the coming months.
ETH Price Action: A Pause Before the Next Move?
At the time of writing, Ethereum is trading around $4,022, down 2.4% on the day and roughly 10% lower than early October highs above $4,600. The dip mirrors the broader crypto market cooldown but institutional demand continues to provide a sturdy floor.
For Ethereum to reach Lee’s $10,000 target, the token would need to rally more than 150% from current levels. Analysts note that such a move would likely require a return of risk appetite, sustained ETF inflows, and improving macroeconomic conditions.
Even so, BitMine’s steady accumulation suggests that the smart money is using this pullback as a long-term buying opportunity.
Outlook: Institutional Conviction Remains Strong
While short-term volatility persists, BitMine’s aggressive Ethereum accumulation paints a clear picture institutions are not backing away from ETH. Instead, they’re doubling down, betting that Ethereum’s expanding role in tokenization, DeFi, and enterprise adoption will make it a centerpiece of the digital economy.
As Lee put it, “Ethereum represents the financial infrastructure of the future and we want to own a piece of that foundation.”
