BitMine Immersion Technologies, the leading Ethereum (ETH) treasury firm holding more than 4.3 million ETH, valued at slightly more than $8.7 billion according to current market prices, is not fazed by the recent crash in ETH price. The firm bought another 40,000 ETH, the latest on-chain data shows.
BitMine continues to accumulate ETH unfazed
According to an X post by on-chain analytics monitoring account Lookonchain, Tom Lee’s BitMine made two fresh purchases of 20,000 ETH each, worth a total of $83.4 million. This comes despite the firm having an unrealized loss of $7.5 billion due to the recent market carnage.
Lookonchain noted that BitMine had bought the 20,000 ETH from crypto trading platform BitGo, following an earlier purchase of 20,000 ETH from the FalconX crypto exchange.
To recall, BitMine started purchasing ETH in June 2025, with a $250 million buy order. Since then, the firm has continued to scoop ETH on a frequent basis, amassing a big stack of more than 4.3 million ETH.
Currently, BitMine’s total ETH holdings represent almost 3.6% of the digital asset’s total supply. The firm has expressed interest in eventually accumulating 5% of ETH’s total supply.
In the list of Ethereum treasury firms, there is a significant gap between BitMine and the second-placed SharpLink Gaming, which currently holds 864,000 ETH. Other firms that round out the top five include The Ether Machine, Bit Digital, and Coinbase Global.
In a public statement, BitMine’s Tom Lee stated that he views ETH’s current price range as attractive to add to the company’s holdings. He added that ETH’s current price is not reflective of its high utility.
Tom Lee’s ambitious ETH price target
What Michael Saylor is to Bitcoin, Tom Lee is to ETH. Just five months into buying ETH, BitMine achieved the milestone of controlling 3% of the total ETH supply.
Tom Lee has earned himself some fame on the back of his super ambitious ETH price targets. In December 2025, Lee predicted that ETH may climb to $62,000 if the ETH/BTC trading pair ratio surges to 0.25.
