TLDR
- Bitmine Immersion Technologies purchased 71,672 ETH after Ethereum price fell below $2,200.
- Chairman Tom Lee described the recent Ether pullback as an attractive opportunity for accumulation.
- Ether traded between $2,081 and $2,341 over the past seven days and declined 8.7% during that period.
- Bitmine now holds more than 5.2 million ETH and aims to secure 5% of the circulating supply.
- The company needs about 756,538 additional ETH to exceed 6 million in total holdings.
Bitmine Immersion Technologies expanded its Ether reserves after a recent market dip pushed prices below $2,200. Chairman Tom Lee said the company bought 71,672 ETH during the downturn. He described the move as a timely purchase as Ethereum price traded lower over the past week.
Ethereum Price Drop Prompts Fresh Accumulation
Tom Lee confirmed the purchase on Monday and outlined the company’s reasoning. He said, “Over the past week, we acquired 71,672 ETH.” He added that the pullback below $2,200 created what he called “an attractive opportunity.”
Ether traded between $2,081 and $2,341 over seven days. It stood at $2,128 on Tuesday and posted an 8.7% weekly decline. However, Lee said Bitmine expects to reach the “alchemy of 5%” in 2026.
Bitmine currently holds more than 5.2 million Ether in its treasury. The company aims to secure 5% of the 120.7 million circulating supply. Therefore, it needs about 756,538 additional ETH to exceed 6 million holdings.
Earlier this month, Bitmine purchased 26,659 Ether between May 4 and May 11. That purchase ended a three-week streak of adding over 100,000 Ether weekly. Even so, the firm continues to follow a treasury model similar to Michael Saylor’s Bitcoin strategy.
Whale Returns as Oil Prices Pressure Ether
Blockchain analytics firm Lookonchain reported renewed whale activity over the weekend. It said an early Ether holder resumed buying after selling last year. The whale acquired 1,951 ETH at $2,182.
Lookonchain stated on X that the buyer first purchased Ether more than a decade ago. The platform added that the whale “may keep buying.” The transaction followed the broader price dip below $2,200.
Lee also addressed macro factors affecting the market. He said rising oil prices have weighed on Ether performance. He linked the oil surge to the escalating Middle East conflict earlier this year.
Ether reached an all-time high of $4,946 in August 2025. Since then, the asset has fallen about 57%. However, several institutions have shared updated price forecasts.
Citigroup projected in March that Ether could reach $3,175 within 12 months. In a bullish scenario, it placed a $4,488 target on the asset. The bank cited stablecoin growth and tokenization demand as drivers.
Standard Chartered offered a higher forecast earlier this year. Geoffrey Kendrick said in January that Ether could reach $7,500 by year-end. He based that estimate on increased blockchain adoption and onchain product expansion.
Meanwhile, CoinGecko referenced prediction market data on future pricing. It said Ether has a 48% chance of closing the year at $1,500. It also assigned a 25% probability to a $3,500 year-end price.
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