The Ethereum "whale" that no one saw coming: This company already controls 3% of the entire global supply

BitMine Immersion Technologies is running an aggressive Ethereum accumulation campaign, projecting a price of up to $9.000 for ETH by 2026, backed by its treasury of nearly $12.000 billion.

BitMine has made a significant move in the cryptocurrency market. The company, led by Tom Lee, withdrew over 48.000 ethers from exchange accounts and added them to its strategic reserve, raising its total holdings to over 3,7 million tokens. This amount represents more than 3% of the entire circulating Ethereum supply, positioning BitMine as one of the most relevant institutional investors in the world of crypto assets. 

In fact, to date, BitMine is positioned as the second largest public holder of cryptocurrencies, after Strategy. 

BitMine strengthens its leadership with new Ethereum purchases

BitMine continues to solidify its position in the Ethereum ecosystem with a clear strategy of accumulation and active participation. During December, the company made at least three ETH purchases, bringing its total reserves to 3,73 million ETHwith an approximate value of $11.300 billion based on current prices. The most recent acquisitions, totaling around 110.00 ETH, are among the smallest this year; however, they have contributed to the steady growth the company has maintained since the beginning of 2025.

Throughout the year, BitMine has also made significant purchases, reaching up to 373.000 ETH at its peak accumulation points. These massive purchases reflect a strong commitment to the asset and a clear intention to bolster its financial position. Importantly, this amount represents a considerable portion of Ethereum's circulating supply, highlighting the company's growing influence in the market.

A solid approach to investing in digital assets

Tom Lee's vision, who combines his role at BitMine with his experience as co-founder of Fundstrat, offers a crucial macroeconomic perspective to understand the company's bet on the second most capitalized crypto in the market. 

According to the executive, the recent correction in the sector's stock prices does not stem from a fundamental weakness in the technology, but rather from a cascade of leveraged liquidations that cleared the market of speculative excesses. In his analysis, Ethereum has established a robust technical floor around the $2.500 mark, a level that has served as an entry point for the company's strategy.

Lee's projections are optimistic and based on tangible catalysts. He estimates that the price of ETH will fluctuate between $7.000 and $9.000 by the end of January 2026. His bullish thesis rests on two pillars: imminent technical improvements to the network, specifically following the arrival of the "Fusaka" upgrade, which is designed to optimize scalability and efficiency; and a favorable shift in the Federal Reserve's monetary policy, which could inject new liquidity into risk markets.

Meanwhile, BitMine's stock market performance presents a fascinating dichotomy. The shares have experienced extreme volatility, registering declines of 43% in the last month, only to rebound 10% in a single session after hitting four-month lows. This disconnect between the book value of its digital assets and its share price suggests that the traditional market is still processing the firm's business model shift.

However, far from being intimidated by the daily fluctuations of Wall Street, the board maintains its course, prioritizing the long-term asymmetric valuation offered by cryptocurrencies over the linear stability of conventional assets.