BitMine is attracting new attention as its aggressive buying of Ethereum continues. New on-chain activity suggests the company could be preparing another large purchase, prompting traders to monitor whether continued accumulation can stabilize sentiment in an uneven market. Interestingly, BitMine's buying spree comes amid strong macroeconomic pressures that are constantly weighing on digital assets.
In brief
- BitMine's reported $44 million ETH purchase adds to months of intense accumulation, solidifying its position as the largest corporate holder of ETH.
- The company now holds 3.6 million ETH worth $10.9 billion, or 3% of the supply, with a stated goal of holding 5% over time.
- The market remains volatile as Bitcoin trades above $91,000 and Ethereum above $3,000, with sentiment stuck in extreme fear.
- Tom Lee forecasts ETH to bottom near $2,500 before a rise towards $7,000–9,000 by 2026, while Bitcoin could surpass $100,000 if sentiment improves.
BitMine Strengthens Its Position as Largest Corporate Holder of ETH with New Buy Signals
According to Lookonchain, citing data from Arkham, BitMine acquired approximately $44.34 million worth of ETH through the “0xbd0…E75B8” wallet around 5:07 p.m. yesterday. The company did not confirm the transaction, but the transfer corresponds to several large purchases made in recent weeks.
Earlier this week, BitMine announced a $200 million ETH purchase, following a $321 million purchase last month. These transactions maintain the company as the largest corporate holder of Ethereum.
According to its latest data, the company now holds 3,629,701 ETHvalued at approximately $10.9 billion. This quantity represents approximately 3% of Ethereum's circulating supply.
Management has expressed a long-term goal of accumulating 5%, arguing that Ethereum will serve as a key foundation for future financial services. President Tom Lee has frequently expressed support for the network, describing it as a “truly neutral platform” that institutions and policymakers could prioritize.
Tom Lee predicts Ethereum rally to $9,000 despite continued market stress
Although the market has seen a slight recovery, overall conditions remain unstable. Bitcoin returned to the $91,000 level after a weekly rise of 7.2%. However, it remains down more than 19% month-over-month, with only 13 positive trading days out of 30.
Although Ethereum recently surpassed $3,000, it remains down 23% month to date. Additionally, caution continues to dominate trading behavior, reflected by a Fear & Greed Index at 25.
Several factors are driving the cautious tone in the market:
- Persistent volatility in global risk assets.
- New inflation data affecting investor expectations.
- Slowed liquidity conditions.
- Uncertain timing of future Federal Reserve actions.
- Mixed institutional flows into digital assets.
Despite continued weakness, Lee remains confident. In a recent podcast, he projected ETH's potential bottom near $2,500 before a rise to $7,000-$9,000 by January 2026. He also suggested that Bitcoin could surpass $100,000 by the end of the year if sentiment improves.
During an appearance on CNBC, Lee added that he expects the Federal Reserve to adjust its tone later in the year, which could ease pressure on markets once policy becomes clearer. Recent volatility and new inflation data have fueled speculation about a possible change, although the Fed has not signaled an immediate change.
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