BitMine Boosts ETH to 2.9% of Supply, Eyes 5% at $3.6K
BitMine Immersion Technologies has extended its aggressive ETH accumulation, adding 82,353 ETH at an average of $3,909 last week and further 110,288 ETH at around $3,639, boosting its treasury to 3,505,723 ETH (2.9% of supply) valued at $12.5B. The firm, whose stock (BMNR) is up over 400% YTD, aims to reach a 5% Ethereum supply stake, leveraging price dips and low gas fees (~0.067 gwei) for efficient accumulation. Fundstrat’s Tom Lee remains bullish, upgrading his target from $7,000 to $10,000–$12,000 ETH by year-end, citing strong stablecoin volumes, record dApp revenues and robust on-chain activity. With ETH trading near $3,561, traders should track on-chain metrics, sentiment and BitMine’s treasury moves for entry opportunities.
Bullish
BitMine’s aggressive ETH accumulation at current price dips underscores institutional confidence, supported by low gas fees and robust on-chain metrics. Fundstrat’s Tom Lee upgrading his year-end target to $10,000–$12,000 further bolsters bullish sentiment. In the short term, accumulation near $3.6K provides price support, while long-term forecasts and healthy DeFi fundamentals point to significant upside potential, leading to a bullish outlook for ETH.