BitMine accumulates $1,5 billion in Ethereum after market crash

• BitMine steps up Ethereum purchases after crash
• Tom Lee Predicts ETH Hitting $10.000 This Year
• Aggressive accumulation reinforces confidence in Ethereum

BitMine Immersion Technologies took advantage of the recent cryptocurrency market pullback to bolster its Ethereum position, accumulating approximately $1,5 billion in ETH since last weekend's sell-off. According to on-chain data from Arkham Intelligence, the company acquired 379.271 ETH in three large transactions, split between purchases made shortly after the drop, on Thursday, and on Saturday.

BitMine is among the largest Ethereum holdings in the world, with over three million units in treasury, representing approximately 2,5% of the total existing supply. This value exceeds US$11,7 billion and reflects the company's goal of reaching at least 5% of all ETH in circulation. The accumulation strategy has gained momentum since mid-July 2025, when the cryptocurrency was trading at around US$2.500.

Optimism regarding Ethereum is also reinforced by analysts like Fundstrat's Tom Lee. In his view, the digital asset has the potential to surpass Bitcoin's dominance in the future, comparing the move to how "US stocks surpassed gold after the 71%," which led the US to abandon the gold standard, Lee told ARK Invest CEO Cathie Wood. Currently, Bitcoin's market capitalization is about five times that of Ethereum.

Elsewhere, Lee highlighted optimistic price projections, predicting that Ethereum could reach between $10.000 and $12.000 this year. "For Ethereum, somewhere between [$10.000] and $12.000," he stated on the Bankless podcast, even after the recent correction and with less than three months left in the year.

BitMEX co-founder Arthur Hayes shares a similar sentiment, betting on a significant valuation. Meanwhile, Huobi founder Li Lin reportedly raised $1 billion for a cryptocurrency-focused fund, according to market speculation.

Despite previously assessing that the digital asset bubble might have burst, Lee reveals that he still sees "continued aggressive accumulation" in Ethereum. According to him, several digital assets are trading below their net asset value, which could represent a strategic opportunity for large players.

Lee also noted after Friday's trading session that investors were "still licking their wounds" from the significant increase in leverage. He sees this as a turning point, with the cryptocurrency market down about 15% from its October 7 high, while gold has fallen 3% from its recent peak.