Meta Description: Tom Lee, former JPMorgan Chief Strategist, increases BitMine’s Ethereum reserves to $13.4B, now targeting $10K for ETH by year-end.
Key Insights:
- BitMine’s Ethereum holdings now total 2.83M ETH, around 2.32% of the supply.
- Lee forecasts Ethereum to reach $10K by the end of 2025.
- BitMine aims to increase its ETH holdings to 5% of total supply.
Tom Lee Adds $821 Million in Ethereum to BitMine Reserves
Tom Lee, former Chief Strategist at JPMorgan and current Chairman of BitMine Immersion, has made a significant move in the cryptocurrency space. Lee recently directed the purchase of $821 million in Ethereum, raising the company’s total ETH reserves to $13.4 billion. This decision makes BitMine the largest holder of Ethereum worldwide.
https://x.com/CryptosR_Us/status/1975456821071499528
In total, BitMine now owns 2.83 million ETH, which represents approximately 2.32% of the total circulating supply. With this addition, Lee aims to expand BitMine’s ETH holdings to 5% of the total supply. “We believe in Ethereum’s long-term potential,” Lee said in a statement.
BitMine Targets 5% of Ethereum’s Total Supply
BitMine’s new target is to hold 5% of Ethereum’s total supply. This ambitious goal comes as Ethereum’s supply continues to tighten. “We expect continued demand for Ethereum, and our increasing reserves reflect this outlook,” Lee added.
The company’s strategy involves purchasing more Ethereum over time as the cryptocurrency’s price and market sentiment grow. The move is in line with BitMine’s goal of securing a strong position in the Ethereum network.
Ethereum Price Forecasted to Reach $10K by Year-End
Tom Lee also shared his optimistic outlook for Ethereum’s price. He forecasts that Ethereum could reach $10,000 by the end of 2025. “With increasing adoption and tightening supply, we see a clear path for Ethereum to grow significantly,” Lee stated.
This prediction reflects growing confidence in Ethereum’s future. As institutional and retail interest in the cryptocurrency rises, Ethereum’s market fundamentals continue to strengthen. Investors and analysts alike are closely watching this trend.
