BitMine Immersion Technologies has made headlines by acquiring an additional 45,759 Ethereum (ETH), raising its total holdings to 4.37 million ETH, valued at approximately $8.68 billion. Despite facing a staggering unrealized loss of nearly $8 billion due to the cryptocurrency”s recent downturn, Tom Lee, the company”s chairman, remains bullish on Ethereum”s future.
Lee articulated his optimism following his attendance at the Consensus Hong Kong conference, where he shared insights about what he believes will be a transformative year for Ethereum in 2026. He highlighted three major drivers that could enhance Ethereum”s relevance: the increasing interest from Wall Street in tokenization and privacy, the integration of artificial intelligence (AI) utilizing Ethereum for transactions and verification, and a shift among creators toward standards like “proof of human” operating on Ethereum layer-2 solutions.
Currently, Ethereum is down approximately 60% from its peak price of $4,946, which it reached last August. Many investors are cautious, as sentiment across the market appears to be at a low point. Users on the Myriad prediction market have estimated a 68% likelihood that ETH will drop from its current price of around $1,990 to $1,500 before making any substantial recovery back to $3,000.
Despite the prevailing bearish sentiment, BitMine continues to purchase ETH, reinforcing its long-term 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 stated. He noted that, unlike in previous market downturns, this period has not been marked by significant company closures, suggesting a more resilient landscape for cryptocurrency.
In addition to its Ethereum holdings, BitMine also possesses 193 Bitcoin, valued at $13 million, and $670 million in cash. Recently, the company made a notable $200 million investment in Beast Industries, the venture of popular YouTube creator MrBeast, and allocated $17 million into Eightco Holdings, a firm focused on acquiring Worldcoin, the token associated with Worldchain.
As the market navigates through what some analysts refer to as a “mini-winter,” Lee”s continued investment in Ethereum signifies a belief in the cryptocurrency”s long-term viability and potential for recovery amidst current challenges.
