BitMine Doubles Down on Ethereum Accumulation Strategy
BitMine, the Ethereum treasury company, has continued its aggressive accumulation strategy by purchasing $150 million worth of Ethereum on Wednesday. This move brings BitMine closer to its goal of holding 5% of total circulating supply.
The firm acquired 18,345 Ethereum through BitGo and 30,278 Ethereum through Kraken, according to on-chain analytics platform Arkham. The acquisition is part of BitMine's long-term treasury strategy, which it believes will support Ethereum's expanding role in financial market services.
BitMine chair Tom Lee remains optimistic about near-term price action, citing several imminent catalysts for Ethereum, including the Fusaka upgrade and the Federal Reserve's planned end of quantitative tightening. Lee has projected that Ethereum will rise towards $7,000 to $9,000 by the end of January 2026.