Despite a 60% price drop from its 2025 peak, Ethereum treasury firm BitMine Immersion Technologies purchased an additional 45,759 ETH last week, worth approximately $91 million. The acquisition brings BitMine’s total holdings to 4.37 million ETH, valued at $8.68 billion. Company Chairman Tom Lee cited long-term drivers like Wall Street tokenization, AI integration, and layer-2 adoption as reasons for optimism, stating 2026 could be a “defining year for Ethereum.” However, prediction market users on Myriad currently assign a 68% chance that ETH will fall to $1,500 before rising back to $3,000.
BitMine Immersion Technologies announced it purchased 45,759 Ethereum last week to increase its total holdings to 4.37 million ETH. The recent buy, valued at nearly $91 million, brings the company’s total Ethereum stash to a value of $8.68 billion.
The company’s holdings are now approximately $7.9 billion underwater according to data from DropsTab, following Ethereum’s 60% plunge from its August 2025 all-time high. BitMine Chairman Tom Lee remains bullish, expecting 2026 to be a defining year for the network.
Lee pointed to three long-term drivers for Ethereum’s growth after attending the Consensus Hong Kong conference. “We see strengthening product-market fit emerging on the back of three long-duration secular drivers: (i) Wall Street via tokenization/privacy on Ethereum; (ii) AI and AI-agents using Ethereum for both collecting payments as well as verification; and (iii) creators leaning towards ‘proof of human’ and other standards running on Ethereum layer-2,” he stated.
He added that Ethereum is well-positioned given its neutrality and reliability. Lee noted current investor sentiment is reminiscent of the lows seen in November 2022 and the 2018 crypto winter.
Despite the bearish sentiment, BitMine continues its accumulation strategy. “We cannot control the price of Ethereum, and the company is acquiring ETH regardless of price trend, as the long-term outlook for Ethereum remains outstanding,” Lee explained.
The company also holds 193 Bitcoin worth about $13 million and $670 million in cash. It has also made investments in Beast Industries and Eightco Holdings, which is focused on amassing Worldcoin.
However, users on the prediction market Myriad are less optimistic about a near-term rebound. They currently price in a 68% chance that ETH will fall to $1,500 before it can climb back to $3,000.
