Ethereum’s slide over the past couple of weeks didn’t stop Bitcoin miner and digital asset treasury Bitmine Immersion from scooping up over $100 million in Ethereum.
The New York Stock Exchange-listed treasury said Tuesday that it bought 35,268 tokens last week — worth $106.2 million at today’s prices.
“Ethereum’s price ratio to Bitcoin, or ETHBTC, has been steadily climbing since mid-October,” Chair Tom Lee said in a Tuesday statement.
Its latest buy, which brings the firm’s total Ethereum holdings to 4,203,036 coins, worth over $12.5 billion, comes as the price of the asset and other digital coins and tokens are taking a hit amidst US President Donald Trump’s campaign to buy Greenland. Ethereum is down by 8% over the past 14 days.
After sliding on Tuesday to under $3,000, Ethereum is trading well below its 2025 record of $4,946, according to CoinGecko data.
Bitmine’s stock slid on Tuesday — with other major equities — and was recently trading 8% lower.
No fear — Wall Street’s here
But Wall Street involvement is all the reason to be bullish on Ethereum, Lee said.
“In our view, this reflects investors recognising tokenisation and other use cases being developed by Wall Street are being built on Ethereum,” Lee said of Ethereum’s rising price ratio to Bitcoin.
Ethereum has typically been the crypto network of choice for tokenising assets and more Wall Street titans are talking about putting investments on the blockchain — with the hope to eventually enable 24/7 trading.
On Monday, the New York Stock Exchange said it was building a platform to trade tokenised versions of stocks and exchange-traded funds. The company did not say which blockchain it would use for the proposed product.
But Wall Street bigwigs have spoken about Ethereum’s use case for years.
BlackRock CEO and co-founder Larry Fink spoke about tokenising assets on Ethereum’s blockchain in 2024 after the asset manager debuted its USD Institutional Digital Liquidity Fund on the crypto network.
Ethereum to soar?
Lee said earlier this month that Ethereum will recover and forecasted that tthe coin to hit $250,000 per coin.
That’s over 8,200% more than what the asset is priced now.
He didn’t offer a timeframe for his targets.
Lee and Bitmine aren’t the only bullish ones.
British bank Standard Chartered’s global head of digital assets research, Geoffrey Kendrick, has predicted the second-largest crypto will hit $40,000 per token by 2030 as more institutions show interest in the cryptocurrency.
