The accumulation of BitMine digital vaults shows no signs of slowing down, with the most recent week of Ether purchases seeing a 34% augment over the previous week.
BitMine immersive technologies announced purchasing 110,288 Ether (ETH) on Monday, bringing the total amount to 3,505,723 ETH at an average purchase price of $3,639 per token.
As part of the announcement, BitMine CEO Tom Lee said that the recent decline in ETH prices represents an attractive opportunity for the company, before highlighting Ether’s adoption on Wall Street:
“To me, it’s clear that Wall Street is very interested in tokenizing assets on the blockchain, creating greater transparency and unlocking new value for issuers and investors. This is a key fundamental story and confirms our view that Ethereum is the supercycle story over the next decade.”
BitMine Immersion Technologies, which initially started as a cryptocurrency mining company, is now Ethereum’s largest treasury company, with its total ETH holdings currently valued at approximately $12.5 billion.
The company set a goal of owning 5% of the total supply of 120,696,594 ETH, and its latest purchase increased to 2.9%.
Related: Ethereum network gas fees fall to as low as 0.067 gwei amid slowdown
Tom Lee, who is also the co-founder of financial research firm Fundstrat, is, unsurprisingly, extremely bullish on ETH’s price potential. In mid-October, with less than three months left in the year, Lee tilted the price to reach between $10,000 and $12,000 by the end of 2025.
At the time of writing, ETH is currently trading at $3,561, down 13.4% over the past two weeks and 4.7% over the past 30 days. At current levels, BitMine’s giant vault is in the red, with the price needing a 180% augment between now and the end of December to reach Lee’s $10,000 forecast.
Meanwhile, BitMine BMNR stock has taken the market by storm in 2025, rising over 400% year-to-date to reach $41.15 at the time of writing.
Warehouse: Solana vs Ethereum ETFs, Facebook’s Impact on Bitwise: Hunter Horsley
