Exchange company Bitmine buys Ethereum every week, now for more than $300 million

Despite the declines in the crypto market, the American Bitmine continues to stick to its strategy. In a new announcement, the company announces that it has again purchased large amounts of Ethereum (ETH). Chairman Tom Lee remains optimistic, partly due to increasing institutional interest.

Bitmine buys 102,259 ETH

Bitmine Immersion Technology once again purchased Ethereum on a large scale last week. According to an official press release, the company has added a whopping 102,259 ETH to its balance sheet, with a total value of approximately $320 million. The company now owns 3.97 million ETH tokens worth $11.9 billion.

The ambitious accumulation has now led to a stake of more than 3.2 percent of the total supply of Ethereum. But that’s not enough for Bitmine, which aims to own 5 percent of all existing ETH.

Bitmine paid an average of $3,074 per Ethereum. At the current share price of approximately $3,000, the company is barely in the red.

BitMine has also now had an impressive series of purchasing weeks. The week earlier, the company purchased $435 million worth of Ethereum. This is now the 22nd consecutive week in which BitMine has stocked ETH, according to data from StrategicETHReserve.

Chairman Lee expects the market to recover

According to Bitmine chairman Tom Lee, the company’s strategy remains unchanged. He states that crypto prices have stabilized in recent days. He sees that as a sign that the market is recovering from the huge crash in October.

In addition, Lee emphasizes that 2025 has brought “many positive developments”, both in terms of regulation and increasing support from Wall Street. According to him, “the best days of crypto” are still ahead of us.

Tom Lee previously indicated that he expects an Ethereum price of $20,000 in 2026. He bases that prediction on the rise of tokenization of financial assets. Lee sees Ethereum as the future infrastructure for global payments and is counting on a broader crypto rally, driven by favorable macroeconomic policies.