• BitMine bought 45,759 ETH, raising holdings to 4.37 million ETH
• Tom Lee called 2026 a defining year for Ethereum
• ETH remains about 60% below its 2025 peak
BitMine Immersion Technologies expanded its Ethereum position last week despite deep unrealized losses.
Chairman Tom Lee said he expects 2026 to be a defining year for Ethereum, even as market sentiment remains subdued.
BitMine Adds 45,759 ETH as Lee Stays Bullish
BitMine Immersion Technologies said Tuesday it purchased 45,759 ETH, worth roughly $91 million at current prices.
The acquisition brings its total holdings to 4.37 million ETH, valued near $8.68 billion.
According to company disclosures and market data, the firm now sits on an estimated unrealized loss approaching $8 billion as Ethereum trades about 60% below its August 2025 high of $4,946.
Tom Lee: 2026 Could Be a Defining Year for Ethereum
Tom Lee made the remarks after attending Consensus Hong Kong last week.
In a statement, he said Ethereum is showing stronger product-market fit driven by tokenization initiatives, artificial intelligence use cases, and adoption of layer-2 networks.
Lee argued that Wall Street tokenization efforts, AI agents using Ethereum for payments and verification, and creator-focused “proof of human” systems could expand demand.
He added that Ethereum’s neutrality and record of uptime position it well for long-term share gains.
Market Sentiment Remains Weak
Despite Lee’s optimism, investor sentiment has deteriorated.
Ethereum trades near $1,990, far below its prior peak. Meanwhile, Bitcoin also remains well off its record high above $126,000 set in October.
Lee described current conditions as reminiscent of prior downturns, though he noted the absence of major exchange failures seen in 2022.
Prediction Markets Signal Skepticism
Users on Myriad, operated by Decrypt’s parent company Dastan, currently assign a higher probability to ETH falling toward $1,500 than rebounding to $3,000 in the near term.
That divergence highlights the gap between corporate conviction and trader expectations.
Treasury Strategy Amid Drawdowns
BitMine disclosed its Ethereum cost basis in a November filing with the U.S. Securities and Exchange Commission.
In addition to ETH, the company holds 193 BTC and significant cash reserves. It has also made strategic investments in other digital asset-related ventures.
Still, its Ethereum allocation represents the core of its balance sheet exposure.
Tom Lee’s view that 2026 will be a defining year for Ethereum contrasts sharply with current market caution.
Whether that conviction proves timely may depend on adoption trends in tokenization, AI integration, and broader macro conditions.
