Bitmine Immersion Technologies chairman Tom Lee says the crypto treasury company took advantage of a recent Ether price drop under $2,200 to scoop up another 71,672 Ether for its stockpile.
Ether (ETH) has traded between $2,081 and $2,341 over the past seven days. It was trading at $2,128 as of Tuesday, down 8.7% over the same period.
“Over the past week, we acquired 71,672 ETH. We view the recent pullback of ETH to below $2,200 as an attractive opportunity. Bitmine is expected to reach the alchemy of 5% sometime in 2026,” Lee said Monday.
Bitmine is the largest Ether treasury company, consistently buying even during market downturns, in a model similar to Michael Saylor's Bitcoin treasury firm, Strategy. Bitmine’s total treasury holdings now exceed 5.2 million ETH, targeting 5% of the token’s circulating supply of 120.7 million.
The move comes amid reports that an OG Ethereum whale, who cashed out a year ago, began buying the dip over the weekend. Blockchain analytics firm Lookonchain reported the whale purchased 1,951 Ether at $2,182.
Lee added that rising oil prices, fueled by the Middle East conflict, have been a consistent drag on Ether's price. He predicted a reversal in oil prices could trigger a recovery.
Ether reached an all-time high of $4,946 in August 2025 but has since fallen about 57%. Analysts remain divided: Citigroup sees Ether at $3,175 in the next 12 months (bull case: $4,488), while CoinGecko prediction markets give a 48% chance of ending the year at $1,500 and a 25% chance at $3,500. Standard Chartered’s Geoffrey Kendrick is the most bullish, targeting $7,500 by year-end, citing growing blockchain and onchain product adoption.