Tom Lee
BitMine adds 76,881 Ether after raising $274 million
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BitMine Immersion Technologies has continued accumulating Ethereum, purchasing 76,881 ETH last week for roughly $136 million. The move follows a $274 million preferred stock sale and brings the firm's total Ether holdings to 5.62 million.
BitMine Immersion Technologies announced a preferred stock offering to raise up to $300 million. The move follows the playbook of Strategy as the firm manages large unrealized losses on its Ethereum holdings.
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Bitmine Immersion acquired 26,497 ether worth roughly $53 million in the most recent week, marking a sharp slowdown from its prior buying spree. The purchase increased the firm's total holdings to 5.42 million ETH.
Fundstrat Global Advisors co-founder Tom Lee predicts Bitcoin will hit a new all-time high by the end of January 2026, building on models estimating a 70% chance sometime this year. He foresees a volatile 2026 with challenges in the first half but a strong second-half recovery, plus major Ethereum upside.
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Tom Lee, chairman of Bitmine Immersion Technologies, attributes the current dip in Ethereum prices to year-end tax-loss selling but remains bullish on a long-term supercycle. Bitmine announced another $131 million purchase of Ethereum, boosting its December acquisitions to $1.4 billion. The firm now holds a significant portion of Ethereum's supply amid market volatility.