Tom Lee’s BitMine acquires 110,288 ETH, pushes ETH holdings to 2.9% of supply

BitMine Immersion Technologies, the world’s largest Ethereum holder, has added more of the altcoin to its haul.

The firm, led by Wall Street veteran Tom Lee, announced it had significantly bolstered its Ethereum reserves on November 10, 2025.

The acquisition strengthens BitMine as the largest corporate holder of ETH.

BitMine buys more ETH

On Nov. 10, BitMine announced the purchase of 110,288 ETH, valued at approximately $385 million based on current market prices.

The purchase brings the Nasdaq-listed company’s total Ethereum holdings to an impressive 3.5 million tokens. 

Accordingly, this latest acquisition elevates BitMine's ETH portfolio to roughly 2.9% of Ethereum's circulating supply of 120.7 million tokens, a threshold that amplifies the firm's influence in the ecosystem. 

The transaction, executed through over-the-counter desks and spot exchanges, reflects a deliberate strategy to capitalize on recent price dips, which have seen ETH trade in the $3,400 to $3,500 range over the past month.

Tom Lee, co-founder of Fundstrat Global Advisors and BitMine's guiding force, emphasized the rationale in a statement: 

This purchase follows BitMine's aggressive expansion in 2025, with the firm's total crypto and cash reserves now standing at $13.2 billion.

Its stock has attracted buying from Cathie Wood's Ark Invest.

Ethereum price outlook

Ethereum's price continues to struggle amid short-term bearish pressures. 

As of November 10, ETH traded near $3,553, down 28% from its August peak of $4,953.

Over 24 hours, the price was around 1.2% up, but down 3% over the week.

Despite this, more bullish projections abound, including from Tom Lee himself.

He envisions a surge by year-end, driven by spot ETH ETF inflows and broader ecosystem growth.

Tom Lee has said the S&P 500 will hit $7,500, and maintains Bitcoin will reach $200,000 and Ethereum $7,000.

ETH price hovered at lows of $1,500 in April before it bounced to its all-time peak near the $5k level in August.