BitMine’s $70 Million Ether Grab: Another Bold Bet on Crypto’s Future

Another day, another massive crypto move that leaves traditional finance scratching its head.

The Whale Strikes Again

BitMine just dropped a cool $70 million on Ether. No warning, no gradual accumulation—just a single, headline-grabbing purchase that screams conviction. It’s the kind of move that sends shockwaves through the market and has analysts scrambling to update their models.

Strategy or Speculation?

This isn't pocket change. A $70 million buy represents a serious allocation, a calculated bet on Ethereum's infrastructure and its sprawling ecosystem of DeFi and smart contracts. While some funds drip-feed investments to avoid moving the market, BitMine prefers the cannonball approach—making a splash everyone notices.

The Institutional Mindset Shift

Gone are the days of crypto being a niche, retail-only playground. Moves like this signal a deeper, more strategic institutional embrace. They’re not just trading volatility; they’re building long-term positions in digital assets they believe are foundational. It’s asset allocation on a blockchain ledger.

The Ripple Effect

Watch for the dominoes to fall. A purchase of this size does more than just move the price needle—it validates the asset class for other institutional players waiting on the sidelines. It’s a confidence vote that often triggers a wave of ‘fear of missing out’ from more conservative capital.

One cynical take? It’s a refreshing change from Wall Street’s usual playbook of over-complicating simple bets with layers of fees and derivatives. Sometimes, the smartest trade is just buying the asset you believe in. Even if that asset lives on a global computer and baffles your average fund manager.

BitMine isn't just buying Ether. It's buying a future it believes is being built on-chain—and daring everyone else to keep up.

BitMine Steps Up Accumulation

The purchases follow a larger wave of buying from last week, when Bitwise moved 96,800 ETH for roughly $273 million. Reports have disclosed that BitMine now holds about 3.7 million Ether at an average cost of $3,008 per coin.

That puts the treasury in the red at current prices, but management appears focused on long-term targets: the firm says it is about 60% of the way toward a plan to control 5% of Ether’s supply.

The scale of that aim is unusual. Few corporate treasuries aim for a single-asset share that large. Market watchers see the moves as a clear bet that Ether will be worth substantially more over time, even if the present valuation shows paper losses. The strategy is heavy accumulation during weakness, not trading around price swings.

It seems that Tom Lee(@fundstrat)’s #Bitmine just bought another 7,080 $ETH($19.8M) 2 hours ago.https://t.co/yZbTCFm9GT pic.twitter.com/JHb3WYDa0a

— Lookonchain (@lookonchain) December 2, 2025

Tom Lee’s Targets Shift Again

Meanwhile, Tom Lee, who chairs BitMine, has stepped back from earlier, bolder forecasts for Bitcoin. He previously expected Bitcoin to reach $250,000 by the end of 2025. In recent public comments he first softened that call and then said on CNBC that Bitcoin could reach a new all-time high by the end of January. Lee tied that outcome to a recovery in equities, which he said he expects.

Grayscale Research released analysis pushing back against the idea that bitcoin must follow the usual four-year halving cycle. The firm suggested BTC could make new highs in 2026 and urged investors to view large pullbacks as part of normal market swings.

Pricing data shows Bitcoin fell about 30% from its October peak through most of November, hitting roughly $84,000 briefly before edging back to about $86,909 as of early Tuesday, according to price feeds.

Large, coordinated buying by treasury firms can shift market psychology. When groups with DEEP pockets step in, some traders see it as a sign of conviction. At the same time, these entities can take months or years to reach break-even if prices stay below their average purchase levels. That dynamic makes markets more sensitive to both supply concentration and the pace of future buying.

BitMine’s on-chain activity will likely draw more attention if additional large transfers appear. Shifts in the firm’s average cost per ETH may also become a talking point, along with any new remarks from Tom Lee about his updated timeline. Analysts are already examining whether Grayscale’s stance on the halving cycle gains support from other major market participants.

Featured image from BIS Safety Software, chart from TradingView