BitMine adds $417m to Ethereum treasury as Tom Lee doubles down on $10k ETH by year-end

Institutional accumulation of ETH is not slowing down, as BitMine makes yet another move to expand its treasury.

BitMine has added $417 million worth of Ethereum to its corporate reserves, reinforcing its position as the largest public holder of the asset. On-chain data reported by Lookonchain shows the company purchased 104,336 ETH over the past seven hours, distributing the tokens across three new wallets through transfers from Kraken and BitGo.

Following the latest acquisition, BitMine’s total Ethereum holdings have surpassed 3.03 million Ethereum ( ETH ), representing more than 2.5% of the total supply. The company has accumulated over 300,000 ETH in the past week alone, taking advantage of recent price dips to expand its reserves.

The move aligns with the firm’s continued strategy of aggressively buying into market pullbacks, described by its Chairman Tom Lee as buying assets at a “substantial discount to the future.”

Reaching the 3 million ETH mark now puts BitMine halfway toward its long-term goal of eventually controlling 5% of all ETH in circulation, a level that would give it meaningful influence over network liquidity and staking infrastructure.

The company aims to position itself as a major force within the Ethereum ecosystem, reinforcing its view of ETH as a core institutional asset.

$10k ETH still a possibility? BitMine Chair stays bullish

Bitmine CEO Tom Lee has predicted ETH could reach $10,000 to $12,000 by the end of 2025. Speaking on a recent Bankless podcast , Lee reaffirmed his take on Ethereum as a “neutral chain” favored by Wall Street, citing its decentralized structure, growing institutional adoption, and role in government tokenization pilots.

Lee said his outlook is driven by a convergence of corporate and sovereign adoption, positive U.S. regulatory sentiment, and the broader shift toward tokenized finance. He emphasized Ethereum’s reputation as a politically neutral and censorship-resistant blockchain, suggesting these traits will attract large-scale institutional inflows in the coming months.

ETH’s market performance, however, remains subdued. The token is currently trading at $4,022, down over 2% on the day and more than 10% from early October highs above $4,600. The pullback follows broader market weakness, though institutional accumulation and treasury expansion continue to provide support.

To reach Lee’s $10,000 target, ETH would need to rally more than 150% from current levels. Such a move would likely depend on renewed risk appetite, steady ETF inflows, and stronger macro conditions.