Tom Lee’s BitMine Now Holds 3,030,000 Ethereum, ETH Price to $5,500?

BitMine Immersion Technologies, led by Tom Lee, said on October 13 that it now owns 3.03 million ETH, a hyper-bullish Ethereum news, making up more than 2.5% of the total supply.

The company’s buying push comes as Ethereum recovers above $4,000, with traders watching for a move toward $5,500.

BitMine’s Big Ethereum Purchase Draws Attention

BitMine Immersion Technologies has increased its ETH holdings, now owning 3,032,188 ETH, worth approximately $12.9 billion.

The company stated that it plans to hold 5% of Ethereum’s total supply as part of its long-term strategy to expand its cryptocurrency reserves.

Tom Lee, who serves as BitMine’s Chairman, said the company bought over 202,000 ETH during the recent drop in prices.

He explained that the dip provided the firm with an opportunity to purchase more tokens at lower prices.

With this purchase, BitMine now owns over 2.5% of all Ethereum in circulation. Lee said the company is “more than halfway” to its goal of 5%.

BitMine’s October update also pointed to what Lee called an “Ethereum Supercycle.”

He believes Ethereum will gain from the growing link between artificial intelligence, traditional finance, and blockchain.

The company’s large position puts it ahead of other firms holding Ethereum and second only to Strategy Inc (MSTR), which leads in Bitcoin holdings.

It is worth noting that BitMine’s stock has also garnered attention for its trading activity.

It is now one of the most traded stocks in the United States, with an average daily volume of $3.5 billion over the past week.

The company stated that its liquidity and steady inflow of institutional funds have enabled it to stay ahead of its peers in crypto treasury performance.

Ethereum News: Has ETH Finally Found Its Bottom?

Market watchers are now asking if the Ethereum ETH price has reached its lowest point following the previous market rout.

Over the past week, ETH has climbed back above $4,060, a level seen as key support by traders.

Analysts say if Ethereum can stay above that level and cross $4,250, it might open the way for a move toward $5,500.

BitMine’s large purchases during the market pullback have also added to the belief that Ethereum may be undervalued at current prices.

Some traders see this as a sign that smart money is buying, while others remain cautious.

Per the Ethereum news update, the performance over the next few weeks will likely depend on how it reacts around current price zones.

The coin’s steady rebound and rising trading interest are giving traders hope that the worst of the correction may be over.

Notably, BitMine’s influence, combined with investor optimism, could support ETH in holding above $4,000.

Still, the firm’s public stance on Ethereum’s long-term value has added another layer of confidence to the market.

Vitalik Buterin Speaks on Ethereum’s Independence

Ethereum’s founder, Vitalik Buterin, has stated that the network has grown beyond the control of any nation.

He described Ethereum as a system that shows how technology can be independent of governments and serve as a form of digital sovereignty.

His statement follows the rising interest from major investors and institutions.

Many see Ethereum as more than a digital asset. Market participants believe that it is becoming an essential part of the financial system.

Meanwhile, Tom Lee also compared this period in crypto to the major financial shift in 1971, when the United States ended the gold standard.

He said that move reshaped modern finance, and blockchain could have a similar impact today.

With both Lee and Buterin expressing faith in Ethereum’s future, investors are paying close attention.

If current trends continue, Ethereum price could stay strong above $4,000 and possibly test higher levels in the coming weeks.