Tom Lee’s BitMine acquires 110,288 ETH, pushes ETH holdings to 2.9% of supply

BitMine Immersion Technologies, the world’s largest Ethereum holder, has added more of the altcoin to its haul.

The firm, led by Wall Street veteran Tom Lee, announced it had significantly bolstered its Ethereum reserves on November 10, 2025.

The acquisition strengthens BitMine as the largest corporate holder of ETH.

BitMine buys more ETH

On Nov. 10, BitMine announced the purchase of 110,288 ETH, valued at approximately $385 million based on current market prices.

The purchase brings the Nasdaq-listed company’s total Ethereum holdings to an impressive 3.5 million tokens

Accordingly, this latest acquisition elevates BitMine’s ETH portfolio to roughly 2.9% of Ethereum’s circulating supply of 120.7 million tokens, a threshold that amplifies the firm’s influence in the ecosystem

The transaction, executed through over-the-counter desks and spot exchanges, reflects a deliberate strategy to capitalize on recent price dips, which have seen ETH trade in the $3,400 to $3,500 range over the past month.

Tom Lee, co-founder of Fundstrat Global Advisors and BitMine’s guiding force, emphasized the rationale in a statement:

“The recent dip in ETH prices presented an attractive opportunity and BitMine increased its ETH purchases this week,” said Thomas “Tom” Lee of Fundstrat, Chairman of BitMine. “We acquired 110,288 ETH tokens over the past week, 34% more ETH acquired compared to the week prior. This pushed our ETH holdings to 3.5 million, or 2.9% of the supply of ETH. We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH. Additionally, BitMine increased our cash holdings to $398 million from $389 million.”

This purchase follows BitMine’s aggressive expansion in 2025, with the firm’s total crypto and cash reserves now standing at $13.2 billion.

Its stock has attracted buying from Cathie Wood’s Ark Invest.

Ethereum price outlook

Ethereum’s price continues to struggle amid short-term bearish pressures

As of November 10, ETH traded near $3,553, down 28% from its August peak of $4,953.

Over 24 hours, the price was around 1.2% up, but down 3% over the week.

Despite this, more bullish projections abound, including from Tom Lee himself.

He envisions a surge by year-end, driven by spot ETH ETF inflows and broader ecosystem growth.

“In the aftermath of crypto’s largest ever single day deleveraging event on October 10th, crypto trading volumes are still recovering, which also affect crypto equities. The fourth quarter is seasonally strong for crypto and equity price, and historically encourages investors to increase ‘open interest’ and therefore, associated trading volumes should improve in coming weeks,” Lee said.

Tom Lee has said the S&P 500 will hit $7,500, and maintains Bitcoin will reach $200,000 and Ethereum $7,000.

ETH price hovered at lows of $1,500 in April before it bounced to its all-time peak near the $5k level in August.

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