BitMine Buys $250M ETH, Holdings 2.74%, Lee Eyes Supercycle
BitMine has added $250 million of Ethereum (ETH) to its holdings, acquiring ETH on Bitgo and Kraken. The purchase increases BitMine’s treasury to 3.3 million ETH, or 2.74% of Ethereum’s circulating supply. Chairman Tom Lee notes that ETH open interest now matches levels seen in late June 2025, when ETH traded near $2,500, suggesting an attractive entry around $3,986. Lee maintains his target of $10,000 for ETH by end-2025, implying a 150% rally. BitMine is now over halfway to its goal of holding 5% of total ETH supply. Following the acquisition, BitMine stock (BMNR) climbed 7.9% to $53.80. Institutional Ethereum treasuries now hold 4.75% of supply, with BitMine as the largest publicly listed ETH holder. The firm’s aggressive ETH buying underscores growing institutional demand and may catalyze a prolonged Ethereum supercycle, potentially driving further price gains and network adoption.
Bullish
BitMine’s sizeable ETH acquisition signals strong institutional confidence, likely fueling positive momentum and short-term price gains. By reducing available ETH supply and aligning with Tom Lee’s $10,000 target, the move reinforces bullish sentiment. In the long term, rising institutional treasuries and elevated open interest could sustain upward pressure on ETH prices, potentially triggering an extended Ethereum supercycle. Traders may respond by increasing long positions to capitalize on anticipated continued gains.