BitMine makes $63M Ethereum buy as Tom Lee doubles down on bullish supercycle bet
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In yet another show of long-term bullish bet, BitMine Immersion Technologies has added to its Ethereum holdings.
The Nasdaq-listed company, chaired by renowned market strategist Tom Lee, added to its holdings on November 28, 2025, as the Ethereum price retested the $3,000 level.
With over $63 million in new buys, BitMine has cemented its status as the largest ETH treasury company, and its aggressive accumulation strategy continues amid the latest “Black Friday” deal.
Bitmine buys another 20,532 ETH worth $63 million
On Friday, Michael Saylor posted “Black Friday” on X, indicating a potential for a buy-the-dip opportunity.
The same day, BitMine confirmed Ethereum was the biggest deal of the day. Per LookonChain, the company’s acquisition, executed through BitGo’s hot wallet, comes just hours after the company acquired another chunk of ETH.
According to the transaction details shared on X, the purchase was completed at around $63.32 million at the prevailing market rates.
The purchase follows a pattern of strategic buying, with BitMine having acquired 14,618 ETH worth $44.34 million just hours earlier on the same day.
Crypto enthusiasts and analysts say Lee’s aggressive buys signal confidence in Ethereum’s long-term potential, despite recent market fluctuations.
How much ETH does BitMine hold?
BitMine’s ETH acquisition spree is not a new phenomenon. Over the past few months, the company has consistently increased its holdings, with notable purchases in recent weeks.
As of November 24, 2025, the company revealed its holdings stood at over 3.63 million ETH tokens, representing approximately 3% of Ethereum’s total supply.
The buys were at an average purchase price of $2,840 per token.
Overall declines across crypto since the October 10, 2025, crash have added to sell-off pressure. However, Lee has maintained ETH price will rise sharply and sees the crash and latest dips as a buy opportunity.
He said in a statement:
“The continued decline in crypto prices in the past week reflects the impaired liquidity since October 10th, as well as price technicals, which remain weak. A few weeks ago, we noted the likely downside for ETH prices would be around $2,500, and current ETH prices are basically there. This implies asymmetric risk/reward as the downside is 5% to 7%, while the upside is the supercycle ahead for Ethereum.”
Buying 20,532 ETH hours after scooping 14,618 ETH adds to the 3,629,701 ETH announced as of Nov. 24 to bring total holdings to 3,664,851 tokens worth over $11 billion as of writing.
Ethereum price reached highs near $4,500 in August 2025. Although prices have since dipped sharply, analysts predict a bullish bounce to a new all-time high.
Bitcoin has similarly crashed from its peak above $126,000 and touched lows of $80,000. ETH is above $3,000 while BTC is retesting highs above $91,000.
The post BitMine makes $63M Ethereum buy as Tom Lee doubles down on bullish supercycle bet appeared first on Invezz
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