BitMine Expands $12.5B Ethereum Treasury as Tom Lee Predicts Year-End Crypto Rally

BitMine Immersion Technologies (NASDAQ: BMNR), one of the largest publicly traded Ethereum treasury holders, has deepened its crypto bet by purchasing an additional $294 million worth of ETH in the past week. The move comes even as the company’s share price has dropped 25% over the past month and Ethereum has faced renewed selling pressure.

According to a company disclosure, BitMine acquired 82,353 ETH, increasing its total holdings to 3,395,422 Ethereum—representing roughly 2.8% of ETH’s circulating supply. The company said its average acquisition price stands at $3,909 per token. With ETH currently trading near $3,617, the value of BitMine’s position has temporarily declined, but the firm appears undeterred.

Chairman Tom Lee reaffirmed his bullish outlook during an appearance on CNBC’s Squawk Box, suggesting that the recent crypto market downturn is part of a natural reset before a stronger rally. “The market is consolidating,” Lee said. “If you look at fundamentals—Ethereum network activity, stablecoin volumes, and app revenues—they’re all hitting record highs. Fundamentals are leading prices, not the other way around.”

Lee pointed to the $19 billion liquidation wave that recently swept through the crypto market as a “miniature rupture,” arguing that the event cleared excess leverage and set the stage for healthier growth. “I think we consolidate here and rally into year-end,” he added, predicting Bitcoin could reach $150,000–$200,000 and Ethereum could climb as high as $7,000 before 2026 begins.

BitMine’s aggressive accumulation strategy has cemented its status as the second-largest crypto treasury globally, just behind Bitcoin-focused giant Strategy, which holds over $69 billion in BTC. At present, BitMine’s Ethereum reserves are valued at approximately $12.5 billion.

The firm also maintains smaller positions in other assets, including 192 Bitcoin worth about $20 million, a $62 million stake in blockchain firm EightCo Holdings (ORBS), and roughly $389 million in cash reserves.

Lee’s continued optimism—and BitMine’s willingness to double down on ETH—underline a growing conviction among institutional investors that the next major crypto rally could be driven by Ethereum’s ecosystem strength rather than speculation alone.