Ethereum News Today: BitMine's $10B ETH Treasury Defies Stagnant Prices, Bets on 2030 Surge

BitMine Immersion Technologies has significantly increased its Ethereum holdings, acquiring 96,798 ETH in the past week alone, bringing its total stash to 3.73 million coins-equivalent to 3% of the Ethereum supply according to LookOnChain. The company, chaired by Fundstrat's Tom Lee, has been aggressively accumulating ETH through a $24.5 billion equity raise program, aiming to own 5% of the network's total supply as reported by Tekedia. At current prices, BitMine's Ethereum holdings are valued at approximately $10.39 billion, positioning it as the largest corporate ETH treasury globally per Coinpedia data. This accumulation strategy aligns with broader institutional interest in Ethereum, as corporate holdings now represent $24.97 billion, or 5.01% of the total supply according to Coinpedia.

Despite these efforts, Ethereum's price has remained stagnant near $3,030, pressured by ETF outflows and weak liquidity as Coinpedia reports. BitMine's stock (BMNR) briefly surged 9% following the latest purchase but remains down 37% over the past month, reflecting its tight correlation with the crypto market according to Coinpedia. Tom Lee, however, remains bullish, forecasting a year-end price of $7,500 for Ethereum as Tekedia reports. He attributes the current dip to "quantitative tightening (QT) effects" and expects a reversal as the Federal Reserve cuts interest rates in December according to LookOnChain. Lee's optimism is underpinned by Ethereum's impending Fusaka Upgrade, scheduled for December 3, which promises scalability and security improvements according to LookOnChain.

Lee's analysis contrasts with cautious technical assessments. Analyst Valdrin Tahiri noted that Ethereum recently broke its 220-day diagonal support, signaling an end to its upward trend according to Yahoo Finance. Nevertheless, institutional adoption is accelerating, with major firms like Amundi and BlackRock deploying on Ethereum for tokenized assets as Yahoo Finance reports. Lee argues that Ethereum's role in staking, real-world asset tokenization, and AI integration will drive long-term value, projecting a $60,000 price target by 2030 according to Tekedia.

Market dynamics also suggest potential for a rebound. Ethereum's supply on centralized exchanges has dropped sharply since August, historically correlated with bullish trends according to Coinpedia. Meanwhile, the U.S. Federal Reserve's planned December rate cut and a shift in capital rotation toward altcoins via newly launched spot ETFs could catalyze an "altseason" in 2025 as Coinpedia reports. BitMine's treasury model, which leverages low operating expenses and staking rewards, is seen as a key differentiator in navigating bear markets according to Tekedia.