BitMine Adds $294 Million in Ethereum as Tom Lee Makes Bullish Bitcoin, ETH Price Projections

Publicly traded Ethereum mining company BitMine Immersion Technologies (BMNR) has added more than $294 million in ETH over the past week, as its president Tom Lee has been bullish on a year-end run for Bitcoin and Ethereum, even as the company’s stock price has fallen in recent weeks.

The firm purchased another 82,353 ETH, bringing its total balance to 3,395,422 Ethereum or more than 2.8% of the circulating Ethereum supply it purchased at an average price of $3,909.

With ETH changing hands at $3,617, down more than 6% in the last 24 hours, the company’s investment has declined. BMNR shares were off more than 8% on Monday and have fallen about 25% in the past month.

However, Lee predicts a year-end rally.

“The market is consolidating,” Lee said CNBC’s Squawk Box. “But if I look at the fundamentals, like Ethereum, stablecoin volume has exploded, app revenue is at an all-time high… now the fundamentals are the top price in crypto.”

Lee pointed to the crypts recent record liquidation event of $19 billion as a reset point for the market, calling it a “miniature breakout” around which the market consolidates.

“I think we’ll eventually consolidate, and rally at the end of the year,” he said, calling for a potential move to $150,000 or $200,000 for Bitcoin and $7,000 for Ethereum before the calendar turns.

An explosive move for ETH would significantly increase BitMine’s industry lead the Ethereum treasury. At the time of writing, the firm holds more than $12.5 billion of ETH, making it the second largest crypto hoard, only after Bitcoin behemoth and digital asset treasury pioneer, Strategywhich holds more than $69 billion worth of Bitcoin.

The firm also holds 192 Bitcoin worth about $20 million, a $62 million stake in EightCo Holdings (ORBS), and about $389 million in unencumbered cash.

In a Myriad prediction market, 95% of respondents believe that BitMine will hold more ETH than the second largest Ethereum treasury, SharpLine Gaming by the end of the year. Myriad is a unit of Dastan, the parent company of an editorially independent Decrypt.