Crypto giant BitMine buys $435 million worth of Ethereum during price dip

While many investors are putting on the brakes due to the recent correction, BitMine is actually striking. The company has again made a big bet on Ethereum (ETH) and significantly expanded its position, sending a strong signal to the market.

BitMine increases stake in Ethereum

BitMine makes smart use of the lower Ethereum price and bought no less than 138,452 ETH within one week, worth about $435 million. It was reported on Sunday that the company had purchased almost $200 million worth of ETH, but the total purchase amount now appears to be even higher.

With this purchase, BitMine now owns over 3,860,000 ETH, worth an estimated value of $12 billion. That represents 3.2 percent of the Ethereum network’s total circulating supply. With this, BitMine has become the largest ETH reserve company in the world and the number two in crypto, after Strategy.

The company does not plan to stop purchasing for the time being. BitMine aims to own 5 percent of all Ethereum, and has already achieved two-thirds of that goal with more than 3 percent. The company’s total assets currently stand at $13.2 billion. The majority of this consists of Ethereum. In addition, BitMine has 193 Bitcoin (BTC), a cash position of $1 billion and $36 million in risky moonshot investments.

Data from StrategicETHReserve shows that 67 listed companies together own 6.47 million ETH, or 5.35 percent of the total supply. BitMine is by far the largest player here.

Tom Lee expects fireworks for Ethereum in 2026

Well-known trader Tom Lee is chairman at BitMine and remains decidedly optimistic. According to him, despite the recent declines, the crypto market is on the eve of a new “supercycle”. He points out that the global adoption rate is still extremely low, which he believes offers enormous growth opportunities.

Lee predicts that the Ethereum price could rise to $20,000 by 2026, fueled by the global rise of tokenization of financial assets. Compared to the current price, this would represent an increase of no less than 545 percent. Ethereum is currently the dominant infrastructure behind this development. Once tokenization starts to gain traction, it is expected that ETH will rise sharply in value.