BitMine Immersion Technologies (NYSE: BMNR), the Ethereum-focused digital asset treasury firm chaired by Fundstrat’s Tom Lee, continues its aggressive accumulation strategy amid a crypto market pullback.
On-chain data linked to BMNR wallets showed the company purchasing over $82 million worth of ETH—aligning closely with the $83M figure you mentioned—bringing its total holdings to approximately 3.6 million ETH about 2.9% of the circulating supply.
This follows a pattern of dip-buying: just days prior, BMNR added 21,000 ETH, and earlier in November, it scooped up 82,353 ETH for $306M. 3,559,879 ETH valued at ~$11.1B at $3,120/ETH, plus 192 BTC, $37M in “moonshot” investments via stake in Eightco Holdings, and $607M in unencumbered cash.
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Around $3,120 per ETH, leaving the firm with $3.7B in unrealized losses as ETH trades below $3,000 today. Despite this, BMNR’s “Alchemy of 5%” goal aims for 5% of ETH supply 6M more tokens via a $24.5B equity raise program.
BMNR shares are down 80% from their July peak of $135, trading at $26 amid broader crypto weakness. However, institutional backers like ARK Invest added 240K shares in early Nov) and Jim Kim (1.1M shares) signal long-term conviction.
BMNR’s low OPEX mostly staking rewards and no debt, positioning it to weather bears better than peers. Tom Lee attributes ETH’s dip to “QT effects” (quantitative tightening) and forecasts a rebound to $7,500 by year-end.
This move underscores BMNR’s bet on ETH as a “supercycle” asset, using equity issuance to accretively grow ETH per share—even in down markets.
Grayscale’s DOGE ETF Launches on NYSE Arca
Grayscale Investments officially debuted its spot Dogecoin Trust ETF (ticker: GDOG) on NYSE Arca, marking the first U.S.-regulated spot ETF for DOGE.
This follows SEC clearance and NYSE certification last week, converting Grayscale’s private DOGE trust into a publicly tradable product that holds actual DOGE tokens no futures or derivatives.
GDOG offers direct spot exposure with tight NAV tracking via creation/redemption mechanisms. Investors can buy shares through standard brokerage accounts—no wallets or crypto exchanges needed. It’s aimed at accredited investors initially but opens doors for retail and institutions.
Analysts like Bloomberg’s Eric Balchunas project ~$11M in first-day volume, potentially ranking GDOG in the top 10 new ETFs of 2025. DOGE is up ~0.7% today to $0.146, but broader ETF flows remain bearish amid crypto’s slump.
This isn’t Grayscale’s first DOGE rodeo they had a private trust, but it’s the second U.S. DOGE ETF overall—following REX-Osprey’s futures-based version in September. It signals meme coins’ “Wall Street glow-up,” legitimizing DOGE beyond jokes and unlocking liquidity for pensions/endowments.
Spot ETF debut; initial AUM TBD ~$250M projected for peers. Unrealized losses; dilution from equity raises. High volatility; not fully SEC-registered yet. These developments highlight crypto’s deepening ties to TradFi, even in choppy waters.
As the architect of BMNR’s aggressive ETH accumulation strategy—aiming for 5% of ETH’s total supply—Lee’s predictions are deeply tied to his firm’s actions, including the recent $83M ETH purchase that pushed holdings to ~3.6M ETH.
His forecasts emphasize ETH’s “supercycle” potential, driven by stablecoin growth, real-world asset (RWA) tokenization, AI integration, and institutional adoption via Wall Street and DeFi staking. Despite ETH’s current dip below $3,000, Lee views this as a buying opportunity, attributing weakness to quantitative tightening (QT) effects rather than fundamentals.
Lee’s predictions have evolved with market developments, but they consistently point to explosive upside. This is Lee’s reiterated base case for December 2025, representing a 3–5x rally from current levels. In late October interviews and X posts, he highlighted ETH’s breakout from a 4-year consolidation pattern, signaling “real price discovery” ahead.
Technical analysts at Fundstrat, like Mark Newton, align with this, eyeing $5,500 by mid-October already surpassed as a stepping stone. Surging on-chain activity ETH transactions at all-time highs and stablecoin demand are outpacing price, setting up a “fundamentals-lead-price” reversal.
Lee compares this to ETH’s impending “Bitcoin 2017 moment,” where utility explodes. BMNR’s low-cost staking yielding ~4–5% annually further bolsters the case, as Wall Street firms stake ETH for RWA security.
Building on year-end momentum, Lee sees $16,000 as feasible if RWA tokenization hits $10–30T by 2030 from $25B in H1 2025. A $22,000 scenario assumes ETH recaptures its 2021 valuation multiples relative to Bitcoin.
In August, Fundstrat projected a $1.8T ETH market cap ~$15,000/ETH by December, but Lee has upped this amid GENIUS Act tailwinds for stablecoins. Rationale: ETH as “Wall Street’s blockchain of choice” for tokenizing assets.
Dual catalysts—financialization CeFi to DeFi shift and AI tokenizing robots/economies—could drive exponential network fees. Lee notes ETH’s undervaluation: At Circle’s 100x P/E multiple, ETH’s layer-1 security implies >$10,000 today.
Long-Term Forecast (2030+)Target: $60,000+ per ETH. Lee’s moonshot vision positions ETH as the “biggest macro trade of the next 10–15 years,” potentially matching Bitcoin’s network value. This implies a $7–8T market cap, fueled by 15x stablecoin growth and staking by institutions.
In a July Bankless podcast, he outlined ETH’s “step-function” valuation jumps, akin to ChatGPT’s impact on AI stocks. Rationale: ETH’s neutrality as a “truly neutral chain” attracts governments and pensions. With BMNR’s treasury model proving scalable no debt, OPEX covered by staking, Lee envisions ETH powering a tokenized world economy.
Risks like CBDC competition exist, but he bets on private stablecoins’ edge. Full financialization, 15x network growth. Lee’s track record adds credibility: He nailed Bitcoin’s 2024 run to $100K+ and ETH’s early-2025 surge to $5,500.
Critics point to delays, ETH not yet at $10K but he counters with BMNR’s conviction—adding ETH on dips despite $3.7B unrealized losses average cost: $3,120. For exposure, he recommends ETH ETFs, BMNR stock, or direct staking. In today’s market ETH down 3.5% to ~$2,950 amid QT, Lee’s dip-buying ethos shines.
BMNR’s buy doubles down on ETH’s utility play, while GDOG injects meme energy into ETFs. If you’re positioning, watch ETH/BTC correlation and GDOG inflows for directional cues.