The largest corporate holder of Ethereum has reaffirmed its position. The company BitMine Immersion Technologies has invested millions more into the cryptocurrency, now owning a staggering 3% of the total supply. The price of Ethereum appears to have reacted positively in the short term, but a well-known analyst warns of potential further declines.
BitMine Buys Nearly 70,000 Ethereum #
BitMine Immersion Technologies has purchased 69,822 Ethereum, bringing its total holdings to 3,629,701 ETH, which represents 3% of the total circulating supply. The company also holds 192 Bitcoin.
With this latest purchase, BitMine has invested approximately €170 million into Ethereum. The company acquired the ETH at an average price of $2,840 per coin, while the current price of the cryptocurrency is $2,868.
BitMine’s Ethereum Strategy #
BitMine is a data center company that initially focused on the storage and mining of Bitcoin. Mining is the process where specialized computers verify and process transactions on the Bitcoin network, for which miners receive rewards in Bitcoin.
However, as mining has become less profitable, BitMine broadened its focus this past summer. The company began building its Ethereum reserve in the summer and has since become the largest corporate Ethereum holder in the world.
What Analysts Predict for Ethereum #
In the last 24 hours, Ethereum has risen by 3%, but the coin has seen a nearly 30% drop over the past month. According to technical analyst Ali Martinez, this decline may not be over yet.
Martinez predicts that Ethereum could fall as low as $2,000. Historically, the analyst notes, the price tends to move toward the lower band of the price channel shown in the chart below, where it often forms a bottom.
Analyst Borovik, however, has a different view. “Ethereum is extremely undervalued at a price of $2,900,” Borovik believes. He predicts that 2026 will be a massive year for the coin.
Borovik argues that the Ethereum network is rapidly becoming faster, cheaper, and larger. “$10,000 Ethereum is the first milestone, then $80,000,” the analyst stated.
ETH is extremely undervalued at $2,900
ETH is about to get exponentially cheaper, faster, and will scale faster than ever before
2026 will be a MASSIVE year for Ethereum
$10,000 ETH is the first milestone, then $80,000
— borovik (@3orovik) November 25, 2025