BitMine, the world’s largest Ether digital asset treasury, has reportedly taken advantage of the market downturn as ETH dips further from its August peak.
Under the leadership of Tom Lee, BitMine Immersion Technologies purportedly acquired an additional 104,336 Ether (ETH), valued at approximately $417 million on Thursday, according to on-chain data.
In the last seven hours, three new wallets received assets from Kraken and BitGo, as reported by Lookonchain. BitMine has yet to publicly confirm these transactions.
“Despite the turmoil in the crypto market, Tom Lee still anticipates ETH reaching $10,000 by year-end,” they noted.
Earlier this week, Lee and BitMEX co-founder Arthur Hayes reiterated their prediction that Ether will achieve $10,000 this year.
Blockchain intelligence firm Arkham corroborated these findings, revealing that three new whale wallets have each acquired $75 million in ETH. “The purchasing patterns align with BitMine’s ETH acquisitions from BitGo,” they stated.
Earlier this week, BitMine bought the dip after the weekend’s crypto market plunge. On Monday, the firm announced the acquisition of 202,037 ETH tokens “over the past few days,” capitalizing on lower prices.
“The recent liquidation in the crypto market has resulted in a decline in ETH prices, which BitMine has seized upon,” said Tom Lee at that time.
DATs remain unwavered
Digital asset treasuries like BitMine seem unaffected by the recent volatility in the crypto market, using it as a chance to buy the dips.
BitMine has now achieved 50% of its treasury target within just a few months, having amassed an impressive 3 million ETH, which constitutes 2.5% of the total supply.
Related: Ether poised for a surge with three active ‘supply vacuums’ — Analyst
Its holdings also account for half of the Ether held by all public corporate treasuries, which currently total 5.9 million ETH, valued at $23.7 billion, according to StrategicEthReserve.
ETH down trend deepens
The buying activity comes as Ether continues to trend downward.
ETH slipped to $3,945 during late trading on Wednesday, marking a 20% drop from its August all-time high of $4,946.
At the time of writing, it had slightly recovered, trading just above the crucial $4,000 level.
Mirroring chart patterns
Nevertheless, Tom Lee is among various experts and analysts who believe Ethereum will reignite its bullish trajectory in the coming months.
“Ethereum is replicating Bitcoin’s 2020-2021 surge,” commented analyst ‘Rekt Fencer’, adding, “$15,000 for ETH remains a possibility this cycle.”
Meanwhile, market analyst ‘Crypto Bullet’ drew parallels between Bitcoin (BTC) chart patterns from 2024 and those of Ether in 2025, asserting that they reflect “the same pattern,” and predicted that Ether could climb to between $6,000 and $7,000 this year.
Magazine: Ethereum’s roadmap to 10,000 TPS using ZK tech: Dummies’ guide
