Bitmine bought the crypto dip and has big plans. This financial giant has once again bought millions of dollars worth of ethereum. The company of CEO Tom Lee now owns about three percent of the total amount of ethereum and says it will continue buying until it has five percent in hand. According to Lee, the price will more than double within a few months.
Bitmine buys the dip #
Bitmine Immersion Technologies has once again bought millions of dollars worth of ethereum, according to Lookonchain. According to on-chain data from Arkham Intelligence, 14,618 ethereum was sent to a Bitmine wallet on Thursday.
The transaction, worth approximately $44.34 million, came from a wallet that likely belongs to BitGo, a custodial service.
Tom Lee(@fundstrat)'s #Bitmine just bought another
14,618 $ETH($44.34M) 4 hours ago.https://t.co/P684j5Yil8 pic.twitter.com/LHOpDto1R5— Lookonchain (@lookonchain) November 28, 2025
Although not yet confirmed, it strongly appears to be a new purchase. Bitmine would now own 3,629,701 ethereum, worth nearly 10 billion euros. That’s about three percent of the total amount of ethereum. This makes the company the largest holder of ethereum in the world.
According to Bitmine’s CEO Tom Lee, Bitmine will continue to buy ethereum until it manages five percent of the total supply. The new purchase appears to be part of that strategy.
Lee has high expectations for ethereum. According to him, ethereum is a ’truly neutral blockchain’ that will increasingly be used by Wall Street and for tokenization.
Ethereum supercycle? #
He previously stated that he thinks ethereum is therefore in a ‘supercycle’. In a recent podcast, he said he expects the ethereum price to find a bottom around $2,500, after which he sees a strong rally towards $7,000 to $9,000.
According to Tom Lee, this could happen by the end of January. He bases this partly on the expectation that the US central bank will implement another interest rate cut by then, he said in an interview with CNBC.
Doubling in two months? #
Currently, the price of ethereum stands at $3,055. That’s about 15 percent higher than the recent bottom at $2,636, but still nearly 40 percent lower than the all-time high at $4,950. If Lee’s price prediction comes true, the ethereum price would have to rise by 200 to 300 percent within two months.
Whether that will really happen remains to be seen. With the new purchase, at a time when the crypto market is under pressure, Bitmine at least shows that it faces the near future with full confidence.