BitMine spends heavily again to buy 70,000 ETH! Holdings surpass 3% of total circulating supply; Tom Lee: Ethereum's worst-case scenario is a drop to $2,500

The world's largest Ethereum treasury company, BitMine Immersion Technologies (BMNR), issued an announcement on the evening of November 24, stating that it had once again made a major purchase in the past week, spending to acquire 69,822 ETH.

BitMine pointed out that this purchase has officially pushed BitMine's Ethereum holdings past the 3.62 million mark, reaching 3,629,701 ETH, which accounts for 3% of the total circulating supply of Ethereum. This means BitMine has completed two-thirds of its long-term publicly stated "5% Alchemy" goal (i.e., holding 5% of the total Ethereum supply).

Tom Lee: Ethereum's lowest could drop to $2,500

BitMine further stated that its total assets (cryptocurrencies + cash + high-risk investments) have reached $11.2 billions, with the following breakdown: 3,629,701 ETH; 192 Bitcoin; $38 million invested in Eightco Holdings (ORBS) (internally referred to as the "Moon Landing Plan"); and $800 million in unrestricted cash.

Regarding this recent purchase and the future outlook for Ethereum, BitMine Chairman Tom Lee remains optimistic. In the announcement, he stated:

BitMine has now acquired 3% of Ethereum's circulating supply. In the past week, BitMine acquired 69,822 ETH tokens. The US Manufactured Validator Network (MAVAN) will also become a "first-class solution," providing secure staking infrastructure and is scheduled for deployment in early 2026.

Over the past week, cryptocurrency prices have continued to decline, reflecting the impaired market liquidity since the plunge on October 10, as well as technical weakness in prices. Weeks ago, we pointed out that the downside risk for ETH was around $2,500, and ETH prices have now basically reached this level. This means the risk/reward has become asymmetric, with only 5% to 7% downside left, while any upward movement could trigger an unprecedented super cycle for Ethereum.

BitMine's Unrealized Losses Reach $4.25 billions

However, despite BitMine's continued accumulation, on-chain data analysis agency Lookonchain pointed out on the same day that after this Ethereum purchase, BitMine's total holdings exceeded 3.62 million ETH, but its average purchase price per ETH remains as high as $3,997. As ETH continues to decline, BitMine's unrealized losses have once again expanded to $4.25 billions.

BMNR Rebounds 12%

However, it is worth noting that BitMine saw a rebound after the US stock market opened on the evening of November 24 (Taiwan time), with its share price surging to $29 at one point. The intraday increase reached as high as 12%, and its market value also recovered to $7.4 billions.