Ethereum treasury giant BitMine has now surpassed 4 million Ethereum (ETH) tokens. The firm now owns approximately 3.37% of the total global supply of the flagship altcoin.
Having added over 500,000 ETH in the last 30 days alone, BitMine is now substantially closer to its goal of controlling 5% of the supply. They aim to force the price up by removing liquidity from exchanges.
The firm began its extremely aggressive Ethereum acquisition strategy in early July 2025. The pivot initially resulted in a massive ETH/BTC spike. However, it was rather short-lived.
Prior to that, it was primarily known for Bitcoin mining and immersion technology.
Latest Tom Lee controversy
After stunning market observers with its initial success, the firm is under pressure due to falling prices.
The notorious permabull would claim that ETH was entering a “supercycle” during his various media appearances. He has cited uber-bullish targets like $15,000 by year-end 2025 with seemingly unwavering confidence.
However, Fundstrat, Lee’s research firm, is now privately predicting that ETH will nose-dive to $1,800–$2,000 in the first half of 2026.
The report advises wealthy clients to “raise cash and stablecoin balances” and wait for a crash to buy back in lower. It cites four key headwinds as the US government shutdown, trade policy uncertainty, AI fatigue, as well as uncertainty surrounding the Federal Reserve.
Some have now accused Lee of creating “exit liquidity” for his private clients.
If Fundstrat’s private prediction comes true and ETH drops to $1,800, the value of BitMine’s treasury could collapse by 40% or more.
A drop from roughly $3,000 to $1,800 on a 4 million ETH portfolio represents a potential loss of $4.8 billion in book value.
Since BMNR stock trades based on its ETH holdings (NAV), a 40% drop in ETH value would likely crash the stock price.