Tom Lee’s BitMine purchased an additional $281 million in ETH, taking the concept of “buying the dip” to a whole new level. As the market sold off, BitMine was accumulated. The company’s total Ethereum holdings currently exceed 3.03 million ETH, or about 2.5% of the total supply, or about $12.9 billion.
Further BitMine-linked wallets received more than 72,000 ETH ($281 million) in transfers from FalconX and BitGo this week, according to Lookonchain’s blockchain analysis, reinforcing what appears to be a coordinated strategy by the company and other OTC desks to exploit weaknesses and build positions.
the whale is back to hunt
BitMine is not alone in this belief. Analysts at WhaleMap and Arkham note that other large investors and institutions have been steadily accumulating Ethereum since early October, with over 400,000 ETH flowing from exchanges into cold wallets.
Foreign exchange reserves have fallen to a three-year low, suggesting major companies continue to hold long-term positions rather than trading short-term volatility. According to on-chain data, cumulative institutional holdings in corporate treasury and Ethereum ETFs currently exceed 12.8 million ETH, or more than 10% of total supply.
Tom Lee remains one of the most prominent Ethereum bulls in the market. He recently reaffirmed his prediction that ETH could reach $12,000 to $15,000 by the end of 2025, citing Ethereum’s growing role in tokenization, decentralized finance, and AI-driven infrastructure.
His bullish argument is based on liquidity dynamics. As interest rates fall and risk appetite recovers, Ethereum’s utility and burn rate could fall into a true supply squeeze. Lee describes this stage as “true price discovery” rather than speculation. In parallel, former BitMEX CEO Arthur Hayes also doubled down, predicting that Ethereum could reach $10,000 by the end of the year as macro headwinds ease and DeFi activity picks up.
BitMine is strategically purchasing ETH
The timing of these buys is not lost on the market. BitMine’s October accumulation followed a sharp correction that wiped out more than $19 billion in leveraged positions across cryptocurrencies. Ethereum briefly fell below $3,800, but rebounded above $4,100. BitMine’s strategic purchases provided steady confidence during a volatile session. Cryptocurrency investor Ted Pillows commented:
“Bitmine bought $279.64 million in $ETH today. Major companies are accumulating Ethereum.”
There’s a deeper story behind the numbers. Institutional investors appear poised for Ethereum’s next phase of growth. The stablecoin payment volume on Ethereum exceeded $5 trillion in the third quarter (a record high), and the network’s dominance as a payment layer remains unshakable.
For long-term investors like BitMine, this is less about timing the market and more about accumulating the infrastructure layers of a new financial system. In this context, each drop is a discount rather than a deterrent.