Simply put
- BitMine acquired 45,759 Ethereum last week, bringing its total holdings to 4.37 million ETH, valued at around $8.68 billion.
- Chairman Tom Lee expresses optimism, predicting 2026 to be a pivotal year for Ethereum due to tokenization, AI, and Layer 2 developments.
- Ethereum has dropped 60% from its peak in 2025, with many users not anticipating a quick recovery.
BitMine Immersion Technologies recently announced that it bought 45,759 ETH, roughly worth $91 million last week. This raised its total Ethereum holdings to 4.37 million, approximately $8.68 billion in value.
Despite the significant drop in value over recent months—Ethereum has plummeted by 60% from its all-time high of $4,946 last August—Tom Lee remains hopeful about its future. After attending the Consensus Hong Kong conference, he believes that 2026 will be a “definitive year for Ethereum.”
He mentioned various factors driving this belief: “We see stronger product-market fit as a long-term driver: (i) Wall Street through tokenization/privacy on Ethereum, (ii) AI and AI agents using Ethereum for both payment collection and verification, and (iii) creators leaning towards ‘proof of human’ and other standards running on layer 2 of Ethereum.”
“Given its neutrality, 100% uptime and reliability, it is clear that Ethereum is well-positioned to capture a significant share,” Lee added.
However, data reveals that BitMine is currently facing around $7.9 billion in Ethereum losses. The company provided its cost basis for Ethereum acquisitions in a recent SEC filing, which also informed its latest purchases.
In addition to Ethereum, BitMine holds 193 Bitcoin, valued at $13 million, and around $670 million in cash. Recently, it invested $200 million into Beast Industries, owned by YouTube creator MrBeast, and $17 million in Eightco Holdings, focusing on acquiring Worldchain and Worldcoin.
Although Lee is optimistic about Ethereum’s future, he recognizes a bearish sentiment in the market. Bitcoin has also dropped 46% since October from its high of over $126,000, with many other cryptocurrencies facing similar declines.
“Investor sentiment is at a low point, much like what we saw during the lows of November 2022 and the crypto winter of 2018,” Lee remarked. He pointed out that 2022 saw an unprecedented number of notable company closures and that the market has remained weak since the significant price collapse and massive deleveraging observed in October.
A prediction market from Myriad suggests a 68% chance that Ethereum could fall from its current rate of about $1,990 to $1,500, with a potential rebound to $3,000.
Despite the market’s volatility, BitMine continues its purchasing strategy.
“We cannot control the price of Ethereum. The long-term outlook for Ethereum remains excellent, so we are acquiring ETH regardless of price trends,” Lee stated. “Thus, we will keep buying ETH even amid this ‘mini-winter’ for cryptocurrencies.”
