Bitmine Immersion Technologies bought $69 million worth of Ethereum, its largest single purchase since June, pushing its stake to 4.9% of all ETH in circulation. Bitmine chair Tom Lee says the token could eventually reach $250,000, even as Ethereum trades at $2,456.63 and its founder voices doubts about the network's direction.
Bitmine Immersion Technologies just made its largest Ethereum purchase since June, buying $69 million worth of the token. The purchase extends a buying streak Bitmine has kept up on a weekly basis since the company formed in June 2025.
Bitmine nears 5% of ETH supply
With the latest buy, Bitmine now owns 4.9% of all Ethereum in circulation, making it the largest Ethereum treasury company. The company is closing in on its stated goal of holding 5% of the total supply.
Ethereum traded at $2,456.63, within a day's range of $2,410.22 to $2,481.60 and well below its 52-week high of $4,762.74.
Filling the gap left by ETFs and Strategy
Ethereum treasury companies such as Bitmine are stepping into a role that spot Ethereum ETFs were expected to fill, but those funds have faced outflows over the summer as prices for major cryptocurrencies declined. Meanwhile, Strategy, the largest Bitcoin treasury company, halted its Bitcoin buying this summer to focus on shoring up its balance sheet. Bitmine has continued buying through that stretch, unlike Strategy.
Lee eyes a $250,000 trajectory
Tom Lee, Bitmine's chair, describes Ethereum as entering a new phase he calls "ETH 2.0," marked by wider mainstream adoption and new use cases. He said Ethereum could be on a trajectory toward $250,000, a view that helps explain why Bitmine keeps buying at current levels.
Skepticism persists
Ethereum remains the top Layer 1 blockchain, but it now faces several top-tier competitors. Over the past 24 months it has appeared rudderless at times, and founder Vitalik Buterin has voiced concern over the network's shift into heavy use by Wall Street firms.
Steady buying from large holders like Bitmine can help put a floor under an asset's price over time, but it offers no guarantee that Ethereum's price will rise from here.
Source: Fool
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