BitMine Adds $294 Million in Ethereum as Tom Lee Makes Bullish Bitcoin, ETH Price Projections

Core Insights - BitMine Immersion Technologies (BMNR) has added over $294 million in Ethereum (ETH) recently, acquiring a total of 3,395,422 ETH, which represents more than 2.8% of the circulating supply at an average price of $3,909 [1][5] - Despite a decline in ETH price to $3,617, down over 6% in the last 24 hours, and a drop in BMNR shares by more than 8% on Monday, the company's Chairman remains optimistic about a year-end rally for Bitcoin and Ethereum [2][3] - The market is currently consolidating, with fundamentals such as stablecoin volume and application revenues at all-time highs, indicating potential for price increases [3] Company Position - BitMine holds over $12.5 billion worth of ETH, making it the second largest crypto treasury, following Strategy, which holds more than $69 billion in Bitcoin [5] - The company also has 192 Bitcoin valued at around $20 million, a $62 million stake in EightCo Holdings, and approximately $389 million in cash [5] Market Predictions - The Chairman predicts a potential price increase for Bitcoin to $150,000 or $200,000 and for Ethereum to $7,000 by year-end [4] - A Myriad prediction market indicates that 95% of respondents believe BitMine will surpass SharpLine Gaming in ETH holdings by the end of the year [6]