BitMine Immersion Technologies purchased significant amounts of Ethereum during the recent market downturn, purchasing nearly $70 million worth of ETH in just 3 days.
Key points:
- BitMine purchased around $70 million worth of Ethereum coins in 3 days, confirming that it has doubled its investments in light of the price drop.
- The company now holds around 3.7 million Ethereum and claims to have exceeded 60% of its long-term goal of holding 5% of the total supply.
- Chairman Tom Lee believes that the price of Ethereum has entered a growth cycle similar to that of Bitcoin despite short-term losses.
Blockchain data from Lookonchain shows that the company purchased 7,080 Ethereum for approximately $19.8 million on Monday, following a separate purchase of 16,693 ETH worth approximately $50.1 million over the weekend.
The company continues to aggressively implement its currency accumulation strategy, becoming one of the largest institutional holders of Ethereum currencies in the market.
BitMine doubles its stake on Ethereum despite latent losses
BitMine confirms its position as the largest Ethereum-focused digital asset treasury, far ahead of other institutions, according to industry observers. The company says it currently holds approximately 3.7 million Ethereum coins at an average cost of $3,008 per coin, putting it in a loss-making position at current prices.
However, management has not slowed down the pace of purchases. The company says it is about 62% of the way toward its long-term goal of capturing 5% of Ethereum’s total supply.
It seems that Tom Lee(@fundstrat) #Bitmin I just bought 7,080 more $ETH($19.8 million) 2 hours ago. pic.twitter.com/JHb3WYDa0a
– Lookonchain (@lookonchain) December 2, 2025
In turn, Lee said last month that Ethereum could be in the early stages of a massive growth cycle similar to the one that has pushed the price of Bitcoin 100 times higher since 2017.
Lee said the current Ethereum market resembles the situation with Bitcoin eight years ago, a period of extreme volatility that ultimately preceded one of the strongest bull market cycles in cryptocurrency history. He also noted that his company first recommended Bitcoin to Fundstrat clients in 2017, when it was trading near $1,000. Since then, the price of Bitcoin has seen several declines, reaching 75% at times, but its price has increased more than 100 times since that initial recommendation.
“We believe Ethereum is entering the same supercycle,” Lee wrote, saying Ethereum’s recent weakness reflects uncertainty rather than deterioration. He added: “To benefit from a 100x growth cycle, investors had to endure tough times and hold the currency for the long term (HODL). »
It is worth noting that Ethereum’s performance lagged behind Bitcoin’s for most of 2025, even as the market reached unprecedented levels. Ethereum price hit an all-time high of $4,946 in August, while Bitcoin price surpassed $126,000 in October.
Appointment of a new CEO for BitMine
BitMine also named a new CEO as the company continues to build one of the largest Ethereum vaults among publicly traded companies. Last month, the company announced that Chi Tsang would replace Jonathan Bates as CEO, effective immediately.
“With its significant Ethereum holdings and trusted reputation both on Wall Street and in the Ethereum ecosystem, BitMine is poised to become a leading financial institution,” he said. Along with the change in leadership, BitMine has appointed three new independent members to the board of directors.
It is worth noting that Ethereum whales (major investors) have significantly increased their investments as the price approaches $3,000, a trend that analysts say often precedes major market reversals.
CryptoQuant data shows that wallets holding between 10,000 and 100,000 Ethereum have accumulated an additional 7.6 million ETH since April, an increase of 52%, while smaller shareholders continue to reduce their balances.
The article BitMine Doubles Investment in Ethereum-ETH with $70 Million Purchase Deal Despite Market Decline appeared first on Cryptonews Arabic.
