Tom Lee says Ether pullback was an opportunity for Bitmine to buy 71K ETH.
According to Bitmine Immersion Technologies Chairman Tom Lee, the crypto treasury company recently used the price of Ether to drop below $2,200 to store another 71,672 Ether.
Ether (ETH) has traded between $2,081 and $2,341 over the past seven days. As of Tuesday, it was trading at $2,128 and is down 8.7% over the same period.
“We got 71,672 ETH last week. We see ETH's return below $2,200 as an attractive opportunity. Bitcoin is expected to reach 5% alchemy sometime in 2026,” Lee said on Monday.
Bitcoin is the largest Ether treasury company and has continuously bought tokens even during market downturns with a business model similar to Michael Saylor's Bitcoin Treasury Company, strategy.
Bitmine's total treasury holdings stand at more than 5.2 million, the company's ultimate goal is to hold 120.7 million, 5% of the token distribution supply. To hit the target of more than 6 million Ether, Bitmine needs about 756,538 more. He He bought 26,659 Ether Between May 4th and May 11th, breaking a three-week streak of adding over 100,000 Ether in a week.
It comes amid reports that an Ethereum whale, which had already dumped its Ethereum, bought its bait over the weekend and returned to its assets.
Blockchain analytics platform Lookonchain said on XPost on Saturday that a whale that bought Ether a decade ago and sold its holdings a year ago has started buying again.
Source: Lookonchain
OG Whale bought 1,951 Ether at $2,182 and Lookonchain speculated that it “may continue to buy.”
Aether has come under pressure in the Middle East conflict.
Lee said on Monday that the rise in oil prices since the escalation of conflict in the Middle East at the beginning of this year has caused a steady increase in the price of Ether. He predicted that a change in oil prices could lead to a recovery in Ether.
Ether reached an all-time high of $4,946 in August 2025, but has fallen 57% since then. Analysts predict that the token may still be launched before the end of the year.
Related: Ethereum Foundation ‘Glamsterdam' Scores Major, Names New Protocol Leaders
Financial institution Citigroup predicted in March that Ether could reach $3,175 in the next 12 months. In a bull case, however, it could hit $4,488, driven by stablecoin and tokenization demand and usage.
Meanwhile, CoinGecko, citing forecast market data, estimates that Ether has a 48% chance of ending at $1,500 and a 25% chance of ending at $3,500.
Earlier this year, banking giant Standard Chartered took a more optimistic view. The bank's head of digital assets research, Jeffrey Kendrick, said in a January report that Ether could hit $7,500 by the end of the year due to the adoption of blockchain and onchain products.
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