BitMine Buys $44M More ETH, Targeting 5% of Supply
BitMine Immersion Technologies purchased 14,618 ETH (≈ $44.3M) from a BitGo-linked wallet, according to Lookonchain citing Arkham data. This follows an earlier disclosed $200M ETH acquisition and brings BitMine’s holdings to about 3,629,701 ETH (≈ $10.9B), roughly 3% of total ETH supply. The firm has a stated long-term target of accumulating 5% of circulating Ethereum, signalling sustained institutional accumulation. Chairman Tom Lee reiterated bullish public views, forecasting an ETH low near $2,500 and a potential rise to $7,000–$9,000 by January 2026, while also voicing bullishness on Bitcoin. No formal company statement has been released confirming the latest transfer. For traders: large, concentrated buys can tighten available ETH float and support medium-to-long-term bullish narratives, but the trade remains unconfirmed publicly and crypto markets are volatile — manage position sizing, watch on-chain flows, and monitor liquidations and staking/withdrawal dynamics.
Bullish
The news signals continued concentrated institutional accumulation of ETH: a confirmed on-chain transfer of 14,618 ETH (≈ $44M) following a prior $200M buy increases BitMine’s stake to ~3% of supply with a stated 5% target. Such large purchases can reduce available market float, remove supply from exchanges, and create a durable bid under prices—factors that are typically bullish for ETH over the medium to long term. Tom Lee’s public price targets and positive commentary may reinforce investor sentiment. Short-term impact may be muted or mixed because the transfer lacks a formal company confirmation and markets already price in variable flows; additionally, routine profit-taking, macro risk events, or liquidity shocks can still drive volatility. For traders: expect supportive fundamentals for ETH (reduced free float, institutional demand), but manage risk with tight sizing, watch exchange balances, monitor on-chain metrics (wallet concentration, exchange inflows/outflows, staking activity), and be prepared for short-term volatility around large OTC movements.