{"id":58404,"date":"2025-12-02T14:11:44","date_gmt":"2025-12-02T11:11:44","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=58404"},"modified":"2025-12-02T14:11:44","modified_gmt":"2025-12-02T11:11:44","slug":"massive-eth-purchase-by-bitmine-tom-lee-updates-his-bitcoin-forecast","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/massive-eth-purchase-by-bitmine-tom-lee-updates-his-bitcoin-forecast\/","title":{"rendered":"Massive ETH Purchase by BitMine, Tom Lee Updates His Bitcoin Forecast"},"content":{"rendered":"<p>As selling pressure and volatility continue to weigh on the crypto market, institutional investors\u2019 strategic moves remain in the spotlight. Despite declining prices and ongoing uncertainty, major players continue to strengthen their long-term positions. Two notable developments this week are BitMine\u2019s acceleration of its aggressive ETH accumulation strategy and company president Tom Lee\u2019s updated Bitcoin price forecast. Both events highlight institutional confidence in crypto and expectations for the future.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/massive-eth-purchase-by-bitmine-tom-lee-updates-his-bitcoin-forecast\/#BitMine_Aggressively_Increases_Its_Ether_Holdings\" title=\"BitMine Aggressively Increases Its Ether Holdings\">BitMine Aggressively Increases Its Ether Holdings<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/massive-eth-purchase-by-bitmine-tom-lee-updates-his-bitcoin-forecast\/#Tom_Lee_Revises_His_Bitcoin_Forecast\" title=\"Tom Lee Revises His Bitcoin Forecast\">Tom Lee Revises His Bitcoin Forecast<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/massive-eth-purchase-by-bitmine-tom-lee-updates-his-bitcoin-forecast\/#No_Concrete_Reason_Behind_the_Crypto_Sell-Off\" title=\"No Concrete Reason Behind the Crypto Sell-Off\">No Concrete Reason Behind the Crypto Sell-Off<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coinengineer.net\/blog\/massive-eth-purchase-by-bitmine-tom-lee-updates-his-bitcoin-forecast\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 data-start=\"703\" data-end=\"759\"><span class=\"ez-toc-section\" id=\"BitMine_Aggressively_Increases_Its_Ether_Holdings\"><\/span>BitMine Aggressively Increases Its Ether Holdings<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"761\" data-end=\"940\">According to Lookonchain data,<strong> BitMine Immersion Technologies<\/strong> purchased a total of 23,773 ETH over the past three days despite the market downturn. The purchases consisted of:<\/p>\n<ul>\n<li data-start=\"944\" data-end=\"1003\">7,080 ETH on Monday for approximately $19.8 million<\/li>\n<li data-start=\"1006\" data-end=\"1068\">16,693 ETH on Saturday for approximately $50.1 million<\/li>\n<\/ul>\n<p data-start=\"1070\" data-end=\"1129\">Together, these acquisitions total roughly $70 million.<\/p>\n<p data-start=\"1131\" data-end=\"1374\">These purchases follow last week&#8217;s large transaction, in which BitMine acquired 96,798 ETH for $272.3 million. With the latest additions, BitMine\u2019s total ETH holdings have risen to 3,726,499 ETH, worth approximately $10.48 billion.<\/p>\n<p data-start=\"1131\" data-end=\"1374\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-58406 aligncenter\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/12\/bitmine-300x150.jpg\" alt=\"\" width=\"730\" height=\"365\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/12\/bitmine-300x150.jpg 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/12\/bitmine.jpg 679w\" sizes=\"auto, (max-width: 730px) 100vw, 730px\" \/><\/p>\n<p data-start=\"1376\" data-end=\"1757\">According to strategicethreserve.xyz, BitMine is currently the largest ETH digital asset treasury (DAT) in the market. The company\u2019s long-term goal is to hold 5% of Ether\u2019s total supply. Currently, 62% of that target has been achieved. However, with an average acquisition cost of $3,008 per ETH, a significant portion of BitMine\u2019s holdings is currently underwater.<\/p>\n<p data-start=\"1376\" data-end=\"1757\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-58407 aligncenter\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/12\/bitmine-1-300x179.jpg\" alt=\"\" width=\"766\" height=\"457\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/12\/bitmine-1-300x179.jpg 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/12\/bitmine-1-1024x609.jpg 1024w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/12\/bitmine-1-768x457.jpg 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/12\/bitmine-1.jpg 1124w\" sizes=\"auto, (max-width: 766px) 100vw, 766px\" \/><\/p>\n<h2 data-start=\"1814\" data-end=\"1857\"><span class=\"ez-toc-section\" id=\"Tom_Lee_Revises_His_Bitcoin_Forecast\"><\/span>Tom Lee Revises His Bitcoin Forecast<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"1859\" data-end=\"2067\">BitMine president Tom Lee has significantly revised his long-awaited Bitcoin price forecast. Earlier this year, Lee predicted that Bitcoin would reach a new all-time high of $250,000 by the end of 2025. However, due to weak market conditions heading into 2025, he rolled back his projection last week.<\/p>\n<p data-start=\"2169\" data-end=\"2202\">In a statement to CNBC, Lee said:<\/p>\n<blockquote>\n<p data-start=\"2206\" data-end=\"2332\">\u201cI think Bitcoin could hit an all-time high by the end of January. A lot of that will depend on the recovery in equities.\u201d<\/p>\n<\/blockquote>\n<p data-start=\"2206\" data-end=\"2332\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-58409 aligncenter\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/12\/tom-lee-300x200.jpg\" alt=\"\" width=\"683\" height=\"455\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/12\/tom-lee-300x200.jpg 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/12\/tom-lee-1024x682.jpg 1024w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/12\/tom-lee-768x511.jpg 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/12\/tom-lee.jpg 1280w\" sizes=\"auto, (max-width: 683px) 100vw, 683px\" \/><\/p>\n<h2 data-start=\"2339\" data-end=\"2391\"><span class=\"ez-toc-section\" id=\"No_Concrete_Reason_Behind_the_Crypto_Sell-Off\"><\/span>No Concrete Reason Behind the Crypto Sell-Off<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"2393\" data-end=\"2584\">Jeff Dorman, Chief Investment Officer at Arca, argued that the recent sell-off in crypto has been exaggerated. According to Dorman, there is no fundamental negative event driving the decline:<\/p>\n<blockquote>\n<p data-start=\"2588\" data-end=\"2783\">\u201cMSTR isn\u2019t selling, Tether isn\u2019t bankrupt, DATs aren\u2019t selling, Nvidia isn\u2019t crashing, the Fed isn\u2019t turning hawkish. All the alleged reasons for the crypto sell-off can be easily debunked.\u201d<\/p>\n<\/blockquote>\n<p data-start=\"2785\" data-end=\"3060\">Dorman explained that part of the weakness is due to lack of liquidity. Major institutions such as Vanguard, State Street, BNY Mellon, JPMorgan, Morgan Stanley, and Goldman Sachs have not yet fully rolled out crypto products, limiting institutional liquidity inflows.<\/p>\n<h2 data-start=\"3067\" data-end=\"3084\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"3086\" data-end=\"3312\">BitMine\u2019s latest $70 million ETH purchase underscores how seriously the company is pursuing its goal of accumulating 5% of total Ether supply. Continuing to buy above average cost suggests a fully long-term strategy. Tom Lee\u2019s updated Bitcoin forecast signals that despite short-term uncertainty, sentiment remains positive heading into Q1 2025. Although liquidity shortages and delayed institutional adoption may create near-term pressure, the aggressive actions of major players indicate that the market could strengthen over the medium to long term.<\/p>\n<p class=\"darkmysite_style_txt_border darkmysite_processed\" data-start=\"3235\" data-end=\"3536\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/a>\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As selling pressure and volatility continue to weigh on the crypto market, institutional investors\u2019 strategic moves remain in the spotlight. Despite declining prices and ongoing uncertainty, major players continue to strengthen their long-term positions. Two notable developments this week are BitMine\u2019s acceleration of its aggressive ETH accumulation strategy and company president Tom Lee\u2019s updated Bitcoin<\/p>\n","protected":false},"author":37,"featured_media":53473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[21631,393,840,847,336,58,5760],"class_list":["post-58404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-bitmine-immersion-technologies","tag-crypto","tag-crypto-market","tag-crypto-news","tag-cryptocurrencies","tag-cryptocurrency","tag-digital-assets"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Massive ETH Purchase by BitMine<\/title>\n<meta name=\"description\" content=\"As selling pressure and volatility continue to weigh on the crypto market, 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