Ethereum Update: BitMine Holds $10B in ETH Despite Flat Market, Anticipates Major Growth by 2030
- BitMine Immersion Technologies now holds 3.73M ETH (3% supply) via a $24.5B equity raise, aiming to reach 5% ownership as reported by Tekedia. - CEO Tom Lee forecasts $7,500 ETH by year-end and $60,000 by 2030, citing Fed rate cuts, Fusaka Upgrade, and institutional adoption of tokenized assets. - Despite $10.39B ETH holdings, Ethereum's price stagnates near $3,030 due to ETF outflows and weak liquidity, with BitMine's stock down 37% monthly. - Institutional Ethereum holdings now total $24.97B (5.01% sup
BitMine Immersion Technologies Expands Ethereum Holdings
BitMine Immersion Technologies has made a substantial addition to its Ethereum portfolio, acquiring 96,798 ETH in just the past week. This brings the company’s total Ethereum assets to 3.73 million coins, which accounts for roughly 3% of the entire ETH supply, based on data from LookOnChain.
Under the leadership of Fundstrat’s Tom Lee, BitMine has been rapidly increasing its ETH reserves through a $24.5 billion equity fundraising initiative. The company’s goal is to eventually control 5% of the Ethereum network’s total supply, as highlighted by Tekedia. At present market rates, BitMine’s Ethereum holdings are valued at about $10.39 billion, making it the largest corporate holder of ETH worldwide, according to Coinpedia.
This aggressive accumulation reflects a broader trend of institutional interest in Ethereum. Altogether, corporate entities now hold $24.97 billion in ETH, representing 5.01% of the total supply, as reported by Coinpedia.
Market Response and Price Trends
Despite these significant purchases, Ethereum’s price has remained steady around $3,030, weighed down by ETF outflows and limited market liquidity, according to Coinpedia. BitMine’s stock (BMNR) experienced a brief 9% rally following the latest acquisition, but it is still down 37% over the past month, reflecting its close ties to the broader cryptocurrency market, as noted by Coinpedia.
Tom Lee remains optimistic about Ethereum’s future, predicting the price could reach $7,500 by the end of the year, as reported by Tekedia. He attributes the current market weakness to the effects of quantitative tightening and anticipates a turnaround when the Federal Reserve lowers interest rates in December, according to LookOnChain. Lee’s positive outlook is further supported by the upcoming Fusaka Upgrade for Ethereum, scheduled for December 3, which is expected to enhance both scalability and security, as per LookOnChain.
Contrasting Perspectives and Institutional Adoption
While Lee is bullish, some technical analysts urge caution. Valdrin Tahiri, for instance, pointed out that Ethereum recently fell below its 220-day diagonal support level, indicating a possible end to its previous upward momentum, as reported by Yahoo Finance. Nevertheless, institutional adoption continues to gain momentum, with major players like Amundi and BlackRock utilizing Ethereum for tokenized asset initiatives, according to Yahoo Finance.
Lee argues that Ethereum’s involvement in staking, real-world asset tokenization, and artificial intelligence integration will be key drivers of its long-term value. He projects that ETH could reach $60,000 by 2030, as stated by Tekedia.
Market Outlook and Strategic Positioning
Current market signals also point to a potential recovery. The amount of Ethereum held on centralized exchanges has dropped sharply since August, a trend that has historically preceded bullish movements, according to Coinpedia. Additionally, the Federal Reserve’s anticipated rate cut in December and a shift in investment towards altcoins through new spot ETFs could spark an “altseason” in 2025, as noted by Coinpedia.
BitMine’s approach, which combines low operational costs with staking rewards, is viewed as a strategic advantage for weathering bear markets, according to Tekedia.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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