Bitmine just bought the Ethereum dip. Good enough. 65,341 ETH acquired since March 16. Around $140 million at current prices. Total crypto and cash holdings now sit at $11 billion, making Bitmine the largest Ethereum treasury holder on the planet.
ETH is trading near $2,150, down more than 30% from its 2025 highs. Sentiment is broadly bearish. Bitmine is buying anyway, and doing it faster each week for the past 3 weeks straight.
Tom Lee is not calling this a blind conviction. He is calling it deliberate timing. His base case is simple: Ethereum is in the final stages of a mini crypto winter. The bottom is close and Bitmine is not waiting for confirmation.
• Treasury Signal: Bitmine now holds 4.661 million ETH — 3.86% of Ethereum’s circulating supply of 120.7 million tokens — with 3.14 million already staked, generating an estimated $272 million annually at a 2.83% yield.
• Tom Lee’s Outlook: Lee says ETH has risen 18% since the Iran war commenced, outperforming equities by 2,450 basis points, and identifies crypto as a proven wartime store of value.
• ETH Context: Standard Chartered’s Geoff Kendrick targets $7,500 for ETH in 2026, with Fundstrat’s year-end forecast sitting at $4,500 — both contingent on regulatory clarity and stablecoin supply expansion.
Can Ethereum Price Reclaim $2,500 Before the Next Leg Higher?
ETH is consolidating between $2,100 and $2,250 after recovering from the $1,800 region tested in late Q1 2026.
The 200-day EMA sits at $2,400, and it is the only level that matters right now. ETH has failed to reclaim it 3 times over the past 6 weeks. Every rally has stalled at the same ceiling.
Daily RSI is hovering around 48. Neutral territory that historically precedes a directional break rather than an extended sideways chop. Funding rates across major perpetual markets are slightly negative, meaning bears are still paying.
That is a structural setup that turns into a short squeeze the moment a catalyst arrives. The Iran conflict already showed how fast that can happen, with ETH surging off local lows as markets priced in geopolitical risk premium.
ETH breaks above $2,400, flips the 200-day EMA to support, and opens a path toward $3,000 to $3,200 where Bitmine’s earlier cost basis sits. Or consolidation fails at $2,250, price retests $1,900 to $2,000, and Fundstrat analyst Sean Farrell’s H1 drawdown scenario plays out before any year-end recovery.
The headline number understates what is actually happening.