- BitMine purchased $91 million in Ethereum last week, expanding its massive holdings to 4.37 million ETH valued at $8.68 billion.
- Despite Ethereum being down 60% from its 2025 peak, Chairman Tom Lee is bullish, calling 2026 a “defining year” driven by tokenization, AI, and layer-2 growth.
- Prediction markets on Myriad show users are skeptical, placing a 68% chance that ETH will fall to $1,500 before it recovers to $3,000.
- The company’s ETH portfolio is currently “$7.9 billion underwater,” according to data from DropsTab.
BitMine Immersion Technologies announced Tuesday it acquired 45,759 Ethereum last week in a bold $91 million bet. This purchase raises its total Ethereum holdings to 4.37 million ETH, a treasury currently worth $8.68 billion.
Consequently, the company’s position remains deeply underwater as Ethereum trades 60% below its 2025 high. Chairman Tom Lee, however, maintains a robust long-term outlook for the network.
Lee expects 2026 to be a “defining year for Ethereum” following the Consensus Hong Kong conference. He cited three key drivers: Wall Street tokenization, AI agents using the network, and creator adoption of layer-2 platforms.
“It is evident that Ethereum is well positioned to garner significant share,” Lee said. He specifically highlighted the network’s neutrality and 100% uptime as competitive advantages.
Despite this optimism, market sentiment appears bleak and reminiscent of past crypto winters. Lee noted current “forlornness and dejection” parallels the lows of late 2022 and 2018.
Meanwhile, users on the prediction platform Myriad are pricing in further downside for Ethereum. They estimate a 68% chance ETH will drop to $1,500 before climbing back to $3,000.
BitMine also holds 193 Bitcoin and recently made strategic investments in Beast Industries and Eightco Holdings. The firm is committed to accumulating Ethereum regardless of short-term price action.
“We cannot control the price of Ethereum, and the company is acquiring ETH regardless of price trend,” Lee stated. He affirmed the company will continue buying through what he calls this crypto ‘mini-winter.’
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