Bitmine Immersion Technologies CEO Tom Lee says the cryptocurrency treasure company took advantage of the recent drop in the price of Ether below $2,200 to raise another 71,672 Ether to its stockpile.
Ether (ETH) has in circulation $2,081 to $2,341 in the last seven days. On Tuesday, it was trading at $2,128, down 8.7% over the same period.
“We have acquired 71,672 ETH over the past week. We believe the recent drop in ETH below $2,200 represents an attractive opportunity. Bitmine is expected to achieve 5% alchemy sometime in 2026.” Lee he said on Monday.
Bitmine is the largest Ether treasury company and has consistently purchased the token, even during market downturns, in a business model similar to Michael Saylor’s Bitcoin treasury strategy firm.
Bitmine’s total treasury holdings are over 5.2 million, and the company’s ultimate goal is to have 5% of the token’s circulating supply of 120.7 million. To reach the goal of over 6 million Ether, Bitmine needs approximately 756,538 more. This bought 26,659 Ether between May 4 and May 11, breaking a three-week streak of adding over 100,000 Ether per week.
Among the reports comes the news that the Ethereum whale, which had previously cashed out its Ether, also bought the dip over the weekend, returning to the asset.
Lookonchain blockchain analytics platform he said on Saturday in post X that a whale who bought Ether over a decade ago and sold his shares a year ago has started buying again.
Source: Lookonchain
The OG whale bought 1,951 Ether for $2,182, and Lookonchain speculated that it “may continue to buy.”
Ether under the pressure of the conflict in the Middle East
Lee said on Monday that rising oil prices, which skyrocketed following the escalation of conflict in the Middle East earlier this year, were continuing to weigh on the price of Ether. He predicted that a reversal in oil prices could lead to a recovery in ether prices.
Ether hit an all-time high of $4,946 in August 2025, but has since fallen by approximately 57%. Analysts predicted that the token could rise further before the end of the year.
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Citigroup financial institution predicted in March that Ether could reach $3,175 in the next 12 months. However, in a bull case, it could reach $4,488, driven by the interest and operate of stablecoins and tokenization.
Meanwhile, CoinGecko, citing market forecast data, was speculated that Ether has a 48% chance of ending the year at $1,500 and a 25% chance of ending the year at $3,500.
Earlier this year, banking giant Standard Chartered had a more hopeful outlook. Geoffrey Kendrick, the bank’s head of digital asset research, said in a January report that Ether could reach $7,500 by the end of the year, driven by growing adoption of blockchain and onchain products.
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