BitMine adds $44M in ether while Tom Lee calls for $9K
The post BitMine adds $44M in ether while Tom Lee calls for $9K appeared on BitcoinEthereumNews.com.
Institutional crypto investor and miner BitMine has reportedly acquired roughly 14,618 Ethereum for $44.34 million, a significant accumulation at a time of elevated volatility in the broader cryptocurrency market. The company, led by Tom Lee, now holds 3% of all Ethereum after purchasing. According to recent market commentary, this purchase is seen as a strong vote of confidence in ETH and may signal that BitMine anticipates significant upside ahead. Data from Arkham Intelligence indicates that BitMine purchased ETH from BitGo at $3,033 each using the wallet address “0xbd0…E75B8.” BitMine has not officially confirmed this, but it is likely to grow its holdings, as it recently purchased $200 million worth of ETH. BitMine continues to purchase more Ethereum despite the market decline Analysts say the crypto market has been highly unpredictable recently, with prices fluctuating frequently; however, this hasn’t stopped BitMine from purchasing more ETH to support its long-term investment strategy. The company now holds 3% of the total ETH supply, with 3,629,701 ETH ($10.9 billion at current market prices), and states that it is not yet done, as it aims to own up to 5% of all the Ethereum in existence. BitMine is establishing a strong and influential position that will enhance the value of its treasury and demonstrate to the market its confidence in the long-term value of ETH. However, there are widespread effects on investor sentiment, trading activity, and price changes when a popular institution like BitMine buys large amounts of cryptocurrency at once. Such a significant purchase can increase trading volume in the market, cause prices to surge, and even draw more attention from both retail and professional traders. In the past, similar purchases of ETH have resulted in price increases of 5% to 10% within 24 to 48 hours. Traders closely monitor these significant activities because…
Filed under: News - @ November 28, 2025 10:29 am