Ethereum News Today: BitMine's $12B ETH Bet: Chairman Sees $12K as Market Slumps 13%

BitMine Immersion Technologies (NYSE: BMNR) is accelerating its Ethereum (ETH) acquisition strategy amid a strategic leadership overhaul, having purchased 110,288 ETH in the week ending Nov. 10-a 34% surge from the prior week. The company now holds 3.5 million ETH, or 2.9% of the total supply, valuing its treasury at approximately $12.76 billion at current prices according to Cointelegraph. This move cements BitMine as the world's largest ETH treasury operator, trailing only Strategy Inc.'s Bitcoin-focused holdings.

The aggressive buying spree follows a broader market slump, with ETH trading at $3,561, down 13.4% over two weeks. BitMine's chairman, Tom Lee, framed the price dip as an opportunity to bolster its position ahead of a potential "supercycle" for Ethereum over the next decade. "Wall Street is very interested in tokenizing assets onto the blockchain," Lee said in a statement. His optimism aligns with a bullish price forecast of $10,000–$12,000 by late 2025, though current ETH levels would require an 180% rally to meet that target.

BitMine's treasury strategy is underpinned by institutional backing, including support from ARK's Cathie Wood, Founders Fund, and Galaxy Digital. The firm aims to own 5% of ETH's total supply-a goal it now claims to be halfway toward achieving. Its financials reflect this ambition: The company reported $398 million in unencumbered cash and a $13.2 billion combined crypto and cash balance, including a $61 million stake in Eightco Holdings.

The strategic pivot to Ethereum coincides with corporate governance changes. On Nov. 14, BitMine announced the appointment of Chi Tsang as CEO and three new independent board members: Robert Sechan (NewEdge Capital), Jason Edgeworth (JPD Family Holdings), and Olivia Howe (RigUp). Tsang, a veteran of technology and DeFi, emphasized BitMine's role as a bridge between traditional finance and the Ethereum ecosystem. "With its substantial Ethereum holdings and credibility," he said.

Market reactions to the news have been mixed. While BitMine's stock has surged 400% year-to-date to $41.15, its recent ETH purchases face near-term valuation headwinds. The firm's treasury is currently in the red, with recent buys executed at $3,639–$3,903 per ETH against the current $3,561 level. Meanwhile, broader crypto market conditions remain challenging.

Regulatory developments could further shape BitMine's trajectory. A bipartisan Senate draft proposes granting the CFTC oversight of crypto spot markets, aiming to close regulatory gaps and protect consumers. Such moves may bolster institutional confidence in digital assets, aligning with BitMine's vision of Ethereum as a foundational infrastructure for tokenized finance.

As BitMine advances its "alchemy of 5%" ETH acquisition plan, the company faces scrutiny over its decision to keep holdings unstaked - a departure from peers like SharpLink Gaming, which stakes its entire treasury for yield. Shareholders have called for greater transparency in net asset value reporting, a challenge as the firm navigates evolving accounting standards for crypto assets.

With its treasury strategy and leadership refresh underway, BitMine's next moves will be closely watched by both crypto and traditional markets. The company's ability to balance aggressive ETH accumulation with operational efficiency-and to capitalize on Ethereum's long-term potential-will determine its success in reshaping corporate treasury practices in the digital age.