Bitmine Immersion Technologies increased its Ether position again after ETH fell below $2,200. Chairman Tom Lee said in a press release that the company bought 71,672 ETH over the past week, pushing total holdings to more than 5.28 million ETH and bringing it closer to its goal of owning 5% of Ethereum’s circulating supply.
Lee said Bitmine viewed the pullback under $2,200 as an attractive entry point. He also said the company expects to reach the 5% milestone in 2026. According to the source material, Ether traded between $2,081 and $2,341 over the past seven sessions, with the latest price near $2,128, down about 8.7% on the week.
Buying pace rebounds after a slower week
The latest purchase stands out because Bitmine had slowed its accumulation in the prior week. From May 4 to May 11, the company bought only 26,659 ETH, ending a three-week stretch in which weekly purchases had exceeded 100,000 ETH. That slowdown had prompted speculation that the firm’s buying momentum was fading or that its strategy was shifting.
This week’s 71,672 ETH purchase points the other way. The report says Bitmine is still following a long-term accumulation approach and appears to be waiting for better price levels before stepping in. Its model has been compared with Strategy’s Bitcoin treasury playbook, using convertible debt or equity financing to turn capital into ETH reserves. Based on the latest figures in the report, Bitmine now holds about 4.37% of Ethereum’s circulating supply of roughly 120.7 million ETH, leaving a gap of about 760,000 ETH to reach 5%. At current prices, that would require about $1.6 billion.
Large holders return as the $2,100 area draws attention
On-chain activity in the same period suggests other large buyers are also stepping in. Blockchain analytics platform Lookonchain said on X on May 16 that an early Ethereum whale, one that had bought more than 10 years ago and fully exited a year earlier, had started buying again. The address purchased 1,951 ETH at an average price of $2,182, and Lookonchain said it may keep adding.
The report links those moves to growing market attention around the $2,100 zone. Still, ETH remains well below its record. From the all-time high of $4,946 set in August 2025, the token has fallen about 57%, so the source stops short of calling a definitive bottom.
Tom Lee ties ETH pressure to oil prices
In a separate appearance the same day, Lee said rising oil prices, driven by tensions in the Middle East since the start of the year, have weighed on Ether. He argued that a reversal in oil could open the door to a stronger recovery in ETH. That view connects crypto pricing with macro factors such as energy costs and geopolitical risk.
The source also notes that progress in ceasefire talks in the Middle East could support ETH if crude prices ease. It adds that Iran had said Lebanon and Israel would observe a one-week ceasefire, while Israel denied that claim.
Price targets range widely from $1,500 to $7,500
The article also highlights a wide split in forecasts for Ether. Citigroup said in a March report that its base-case target for the next 12 months is $3,175, with a bull-case scenario of $4,488 tied to adoption of stablecoins and tokenized assets.
By contrast, prediction-market data cited by CoinGecko put the probability of ETH ending the year at $1,500 at 48%, while the probability of finishing at $3,500 was only 25%. Standard Chartered’s digital assets research head Geoffrey Kendrick offered a much higher target in a January report, saying ETH could reach $7,500 by year-end. At that price, Bitmine’s current holdings of more than 5.28 million ETH would be worth over $39.6 billion.