Ether pullback presents buying chance; Bitmine buys 71,672 ETH

Bitmine Immersion Technologies said it acquired 71,672 ETH during a recent pullback, with chairman Tom Lee describing Ether’s drop below $2,200 as an “attractive opportunity.” Lee reiterated the company’s target to accumulate roughly 5% of Ether’s circulating supply by year-end.

According to market data cited in the company statements, Ether traded in a roughly $2,081–$2,341 range over the prior seven days and was about $2,128 at the time of reporting. Media estimates put the cost of the latest 71,672 ETH purchase in the neighborhood of $150–155 million, reflecting Bitmine’s continued use of market dips to add to its treasury.

Bitmine is one of the largest corporate Ether treasuries and has pushed total holdings to just over 5.2 million ETH, moving closer to its “alchemy of 5%” goal against a circulating supply of about 120.7 million ETH. To reach a full 5% stake the firm still needs several hundred thousand ETH, a dynamic that leaves its future buying cadence relevant for market liquidity.

Tom Lee has linked some of the recent selling pressure in Ether to rising oil prices following geopolitical tensions in the Middle East, suggesting that a reversal in oil trends could support a rebound in ETH. Market observers also point to diverging analyst scenarios and prediction-market odds that reflect continued uncertainty around year-end price outcomes.

Analysts expect Bitmine to possibly moderate its purchase pace as it nears the 5% target, which could temper the immediate impact of large weekly buys. In the near term, investors will watch Bitmine’s weekly accumulation rate, aggregate holdings versus the 5% benchmark, and macro drivers such as energy prices and risk appetite to assess whether the company’s strategy will provide sustained support to Ether prices or primarily increase episodic volatility.