Quick Breakdown
- ETH Outlook: Tom Lee expects Ether to bottom near $4,300 and rally toward $5,400.
- Treasury Expansion: BitMine now holds $7.5B in ETH, accounting for 40% of corporate Ethereum reserves.
- Crypto Crash Context: Tuesday’s market dip erased $200B, with Bitcoin sliding to a seven-week low.
Fundstrat Global Advisors managing partner Tom Lee has forecast a near-term bottom for Ether (ETH) as his ETH-focused treasury firm, BitMine, boosted its holdings with another multi-million-dollar purchase during Tuesday’s market dip.
Tom Lee Predicts ETH Rebound
Lee made his call on social platform X at 1 a.m. UTC on Tuesday, telling followers he expected Ether to bottom “in the next few hours.” His remarks came amid a $200 billion wipeout across crypto markets, led by Bitcoin’s slide to a seven-week low at $110,144.
At the same time, Fundstrat’s managing director of technical strategy, Mark Newton, reinforced the outlook, labeling Ether a “very good risk/reward” trade. He argued the token was unlikely to breach last week’s lows, predicting it would stabilize near $4,300 before pushing toward new highs between $5,100 and $5,450.
Ether briefly sank 7% to $4,313 on Coinbase but has since recovered, returning above $4,430 at the time of writing, according to Tradingview data.
BitMine Buys the Dip
Backing Lee’s bullish stance, BitMine Immersion Technologies added 4,871 ETH worth $21.3 million on Tuesday, according to Arkham Intelligence data. The purchase lifted the firm’s total holdings to 1.72 million ETH, valued at around $7.5 billion.
The company recently disclosed a $2.2 billion increase in its combined crypto and cash reserves, now totaling $8.8 billion. Over the past week alone, BitMine accumulated more than 190,500 tokens, strengthening its position as the world’s largest Ether treasury. With 221.5 million shares outstanding, the firm’s crypto-plus-cash net asset value per share surged to $39.84, compared with $22.84 in late July.
Treasury Wars: ETH vs. BTC
BitMine controls roughly 40% of the 4.3 million ETH held by corporate treasuries globally, according to StrategyEthReserve, making it the clear market leader for Ethereum holdings.
Meanwhile, Bitcoin treasuries remain dominated by Michael Saylor’s Strategy, which also bought the dip this week. On Monday, the company acquired an additional 3,081 BTC for $357 million at an average price of $115,829 per Bitcoin.
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