Tom Lee says Ether Pullback was Chance for Bitmine to Buy 71K ETH

Bitmine Immersion Technologies chairman Tom Lee says the crypto treasury company took advantage of a recent Ether price drop under $2,200 to scoop up another 71,672 Ether for its stockpile.

Ether (ETH) has traded between $2,081 and $2,341 over the past seven days. It was trading at $2,128 as of Tuesday and was down 8.7% over the same period.

“Over the past week, we acquired 71,672 ETH. We view the recent pullback of ETH to below $2,200 as an attractive opportunity. Bitmine is expected to reach the alchemy of 5% sometime in 2026,” Lee said on Monday.

Bitmine is the largest Ether treasury company and has consistently bought the token, even during market downturns, in a business model similar to Michael Saylor’s Bitcoin treasury firm, Strategy.

Bitmine’s total treasury holdings stand at more than 5.2 million, with the company’s ultimate goal to hold 5% of the token’s circulating supply of 120.7 million. To hit its target of over 6 million Ether, Bitmine needs around 756,538 more. It bought 26,659 Ether between May 4 and May 11, breaking its three-week streak of adding more than 100,000 Ether per week.

It comes amid reports that an Ethereum whale who previously cashed out their Ether also bought the dip over the weekend, making a return to the asset.

Blockchain analytics platform Lookonchain said in an X post Saturday that a whale who bought Ether more than a decade ago and sold their holdings a year ago has started buying again. 

Source: Lookonchain

The OG whale purchased 1,951 Ether at $2,182, and Lookonchain speculated “he may keep buying.”

Ether under pressure amid Middle East conflict

Lee said Monday that rising oil prices, which soared after the conflict in the Middle East escalated earlier this year, have been a consistent drag on Ether’s price. He predicted that a reversal in oil prices could lead to Ether recovering.

Ether reached an all-time high of $4,946 in August 2025 but has since fallen about 57%. Analysts have predicted the token could still rise before the end of the year.

Related: Ethereum Foundation hits ‘Glamsterdam’ milestones, names new protocol leads 

Financial institution Citigroup predicted in March that Ether could reach $3,175 in the next 12 months. In a bull case, however, it could hit $4,488, driven by stablecoin and tokenization interest and usage.

Meanwhile, CoinGecko, citing prediction market data, speculated that Ether has a 48% chance of ending the year at $1,500 and a 25% chance of ending the year at $3,500.

Earlier this year, banking giant Standard Chartered had a more bullish outlook. Geoffrey Kendrick, the bank’s head of digital assets research, said in a January report that Ether could hit $7,500 by the end of the year, driven by growing adoption of blockchains and onchain products.

Magazine: Guide to the top and emerging global crypto hubs — Mid-2026