BitMine Buys $70M in ETH as Tom Lee Delays Bitcoin All-Time High Call
BitMine Immersion Technologies is doubling down on its Ether accumulation strategy, splashing out nearly 70 million dollars...
Quick overview
- BitMine Immersion Technologies has spent nearly $70 million in three days to acquire 23,773 ETH tokens.
- The firm now holds $10 billion in Ether, making it the largest ETH digital asset treasury firm.
- Despite recent purchases, BitMine's average holding cost is $3,008 per token, and they aim to acquire 5% of the total Ether supply.
- Institutional adoption of crypto faces liquidity barriers, hindering major players from entering the market despite positive signals.
BitMine Immersion Technologies is doubling down on its Ether accumulation strategy, splashing out nearly 70 million dollars over the last three days on a batch of ETH tokens. The firm picked up 23,773 tokens, including a 7 million dollar haul on Monday of 7,080 ETH and a 50 million dollar buy on Saturday of 16,693 ETH, according to the crypto analytics platform Lookonchain.
This massive purchase comes hot on the heels of last week’s enormous acquisition, when Bitwise bought 96,800 ETH for roughly $ 273 million. BitMine now holds a staggering $ 10 billion in Ether, putting it in the top spot as the largest ETH digital asset treasury firm, per strategicethreserve.xyz.
Despite all the recent buying, BitMine still isn’t in the black, holding onto 3.7 million ETH, which cost them an average of $ 3,008 per token. They’ve still got a long way to go before they hit their goal of snagging 5% of the total Ether supply – although they are now 62% of the way there.
Key highlights –
- Total purchases over the past three days: 23,773 ETH (roughly $ 70 million).
- Average holding: 3.7 million ETH at an average cost of 3,008 dollars per token.
- Target: 5% of the total Ether supply.
- Market status: We’re in a bit of a slump right now
BITMINE BUYS $70M IN $ETH AS TOM LEE MOVES BITCOIN PREDICTION TO JANUARY
Tom Lee’s BitMine company continues to buy the dip. They’re not looking back : accumulating fast.
Lookonchain reports BitMine bought 7,080 ETH on Monday and 16,693 ETH on Saturday, , about $70 million… https://t.co/oosjrrFKQc pic.twitter.com/smOrs8O64u
— CryptosRus (@CryptosR_Us) December 2, 2025
Tom Lee Revises Bitcoin Forecast
BitMine Chairman Tom Lee has revised his Bitcoin forecast, toning down his earlier prediction of a $250,000 price tag by the end of 2025. He’s now expecting to see a new all-time high in January 2026, instead.
In an interview with CNBC, he noted, “I do think Bitcoin can hit a new all-time high by the end of January – and that will depend a lot on a successful equities recovery – if that happens, I think we’re going to be off to the races.” His revised timeline suggests he’s being a bit more cautious in the current market conditions.
Institutional Adoption Faces Liquidity Barriers
Despite the generally bullish market signals, some analysts are pointing to institutional liquidity constraints as the reason for the recent crypto sell-offs. Jeff Dorman, the CIO at Arca, says that it’s a major problem for big players like Vanguard and State Street to get digital assets on board and included in their existing mandates.
“Wall Street is seeing the same bullish signals – equities are at highs, Fed rate cuts are looming on the horizon, consumer spending is looking strong and AI demand is through the roof” – yet he says they can’t seem to get on board because of infrastructure issues and regulations.
Institutional context:
- Liquidity is a major barrier to attracting big players like Vanguard and State Street.
- Despite this, there are still many positive indicators in the equities and commodity markets.
- Everything is on hold until regulatory clarity and infrastructure improvements are sorted.
Dorman noted that institutional participation is expected, but the actual funds won’t begin flowing until the operational and regulatory frameworks are in place.
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