BitMine Extends Ethereum Buying Spree With Reported $44M ETH Acquisition

BitMine is drawing fresh attention as its aggressive purchase of Ethereum continues. New on-chain activity suggests the company may be preparing another significant purchase, prompting traders to watch whether continued accumulation can steady sentiment in an uneven market. Interestingly, BitMine’s buying spree comes amid broad macro pressures that persistently drag on digital assets.

BitMine Strengthens Position as Largest Corporate ETH Holder With New Buy Signals

According to Lookonchain, citing Arkham data, BitMine acquired roughly $44.34 million worth of ETH through wallet “0xbd0…E75B8” at about 5:07 p.m. yesterday. The company has not confirmed the transaction, but the transfer aligns with several large purchases made over the past few weeks.

Earlier this week, BitMine announced a $200 million ETH purchase, following a $321 million buy last month. These transactions keep the firm positioned as the largest corporate holder of Ethereum.

According to its latest data, the company now holds 3,629,701 ETH, valued at approximately $10.9 billion. The amount represents about 3% of Ethereum’s circulating supply. 

Leadership has outlined a long-term goal of accumulating 5%, arguing that Ethereum will serve as a key foundation for future financial services. Chair Tom Lee has frequently voiced support for the network, describing it as a “truly neutral platform” that institutions and policymakers may favor.

Tom Lee Predicts Ethereum Rally to $9K Despite Ongoing Market Stress

While the market has witnessed a slight recovery, overall conditions remain unstable. Bitcoin has reclaimed the $91,000 level after a 7.2% weekly climb. However, it remains over 19% down on a monthly scale, recording only 13/30 green trading days.

Although Ethereum recently reclaimed levels above $3,000, it still remains 23% down month-to-date. Additionally, caution continues to dominate trading behavior, reflected in a Fear & Greed Index reading of 25.

Several factors are driving the market’s cautious tone:

• Ongoing volatility across global risk assets.
• Fresh inflation readings affecting investor expectations.
• Sluggish liquidity conditions.
• Uncertain timing of future Federal Reserve actions.
• Mixed institutional flows into digital assets.

Despite the prevailing weakness, Lee remains confident. In a recent podcast, he projected a potential ETH bottom near $2,500 before a climb toward $7,000 to $9,000 by January 2026. He also suggested Bitcoin could rise above $100,000 by year-end if sentiment improves.

During an appearance on CNBC, Lee added that he expects the Federal Reserve to adjust its tone later in the year, which could ease pressure on markets once policy becomes clearer. Recent volatility and new inflation data have fueled speculation about a possible shift, though the Fed has not signaled any immediate change.