BitMine Acquires $70M in ETH as Tom Lee Adjusts Bitcoin Forecast

BitMine Immersion Technologies has recently purchased an additional 23,773 Ether, totaling about $70 million, amidst a market downturn. This acquisition follows a revision by its chairman, Tom Lee, regarding his prediction for Bitcoin’s all-time high.

Key Takeaways:

BitMine has bought 23,773 ETH for $70 million recently as the market faces challenges.
Tom Lee revised his Bitcoin price predictions from a previous estimate of $250,000 by year-end to a more cautious outlook.
Industry experts are attributing the current market slump to liquidity issues rather than fundamental weaknesses.

According to a post on X by the crypto analytics platform Lookonchain, BitMine made a significant purchase of 7,080 Ether for approximately $19.8 million on Monday.

Source: Lookonchain

Additionally, the same wallet acquired 16,693 ETH for about $50.1 million the previous Saturday, accumulating nearly $70 million over just three days. This follows last week's trend, where another company, Bitwise, purchased 96,800 ETH for roughly $273.2 million.

BitMine stands out as the largest digital asset treasury firm focused on ETH, as stated by strategicethreserve.xyz. Currently, BitMine aims to hold 5% of the total Ether supply and is about 62% of the way to achieving this goal. However, the firm is currently experiencing losses, having reported an average purchase price of $3,008 per Ether for its 3.7 million ETH holdings.

Top 10 ETH digital asset treasuries. Source: strageticethreserve

BitMine Acquires $70M in ETH as Tom Lee Adjusts Bitcoin Forecast

Tom Lee Revises Bitcoin Predictions Amid Market Uncertainty

BitMine's chairman, Tom Lee, has been reevaluating his predictions for Bitcoin as the cryptocurrency market faces challenges heading into the end of 2025. Up until this October, he had projected that Bitcoin would reach a new all-time high (ATH) of $250,000 by the year’s end. However, Lee recently revised this estimate, suggesting that Bitcoin might only regain its previous ATH by the end of this year.

Related: BitMine, Strategy, SharpLink stocks outpace crypto market recovery

In an interview with CNBC on Sunday, Lee adjusted his forecast once again, now speculating that Bitcoin could achieve a new ATH in January. “I do think Bitcoin can make an all-time high by the end of January,” he stated, adding that “a lot of it’s gonna depend on equities recovering, which we expect it to.”

Meanwhile, Jeff Dorman, the Chief Investment Officer of digital asset investment firm Arca, noted that there is no definitive reason for the ongoing struggles in the cryptocurrency market. In a post on X earlier this week, he highlighted the bullish indicators across various markets.

“Wall Street is witnessing all the same optimistic signs that I'm seeing—equity, credit, and gold/silver markets are reaching ATHs every month because the Fed is lowering interest rates, quantitative tightening is ending, consumer spending remains strong, and earnings are at record levels, with AI demand remaining incredibly robust,” he commented.

However, Dorman also mentioned potential liquidity issues that might be hindering larger institutions like Vanguard and State Street from entering the market. "While it's promising that Vanguard, State Street, BNY, JPM, MS, GS, etc., are considering entering, they aren’t here yet. Until it becomes straightforward for them to operate with their existing mandates and systems, they won't engage," he elaborated.

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