BitMine snapped up 34% more ETH last week as prices dipped

BitMine’s digital treasury accumulation is showing no signs of slowing down, with its latest week of Ether buying marking a 34% increase from the week before. 

BitMine Immersion Technologies announced the purchase of 110,288 Ether (ETH) on Monday, bringing its total to 3,505,723 ETH at an average purchase price of $3,639 per token.

As part of the announcement, BitMine’s chairman Tom Lee said the recent ETH price dip presented an attractive opportunity” for the firm, as he went on to highlight Ether adoption happening on Wall Street: 

“To me, it is evident that Wall Street is very interested in tokenizing assets onto the blockchain, creating greater transparency and unlocking new value for issuers and investors. This is the key fundamental story and supports our view that Ethereum is a super cycle story over the next decade.”

BitMine Immersion Technologies, which initially started as a cryptocurrency mining company, is now the largest Ethereum treasury company, with its total ETH holdings currently valued at around $12.5 billion. 

The firm has outlined the goal of owning 5% of the total 120,696,594 ETH supply, and its latest purchase takes its tally up to 2.9%. 

Related: Ethereum network gas fees drop to just 0.067 gwei amid slowdown

Tom Lee, who is also the co-founder of financial research firm Fundstrat, is unsurprisingly extremely bullish on the price potential of ETH. In mid-October, with less than three months left in the year, Lee tipped the price to hit between $10,000 and $12,000 before the end of 2025.