BitMine Immersion Technologies Inc. (NYSE:BMNR) purchased another 102,259 Ethereum (CRYPTO: ETH) as Chairman Tom Lee argues that seemingly extreme AI valuations can still deliver long-term returns.
BitMine Pushes Closer To 5% Ethereum Ownership Goal
As of Dec. 14, BitMine holds approximately 3.97 million ETH, valued near $12.2 billion at prevailing prices.
The position represents more than 3.2% of total Ethereum supply, placing the company roughly two-thirds of the way toward its stated goal of acquiring 5% of the network.
Total crypto, cash, and strategic investments now stand near $13.3 billion, including $1 billion in cash, 193 BTC, and a $38 million stake in Eightco Holdings.
Ethereum Treasury Becomes Core Corporate Strategy
BitMine's Ethereum holdings now rank as the largest ETH treasury among public companies and the second-largest crypto treasury globally, behind Strategy's (NASDAQ:MSTR) Bitcoin (CRYPTO: BTC) reserves.
Chairman Tom Lee said regulatory developments in 2025, including the GENIUS Act and the SEC's Project Crypto initiative, have strengthened the company's long-term conviction in digital assets.
Alongside accumulation, BitMine is advancing its Made in America Validator Network, a proprietary Ethereum staking infrastructure expected to launch in early 2026.
Trading Activity And Market Profile Expand Rapidly
BitMine's growing crypto exposure has coincided with a sharp rise in stock market activity.
The company now trades an average of roughly $1.9 billion in daily dollar volume, placing it among the 50 most actively traded U.S. equities.
The company plans to host its annual shareholder meeting in Las Vegas on January 15, 2026, as it continues to scale its Ethereum accumulation strategy through capital markets and treasury deployment.
Tom Lee Defends AI Valuations Despite Market Skepticism
In a recent interview, Lee said investor concerns around "absurd" AI valuations overlook how exponential industries historically develop.
He argued that most of the long-term value in transformative technologies emerges later in adoption cycles, even if early valuations appear stretched.
Lee compared the current AI cycle to the internet buildout of the late 1990s, noting that while most individual stocks failed, diversified exposure to the broader theme still outperformed over time.
He added that labor shortages through the 2030s could make AI investment a structural necessity rather than a speculative excess.
Stock Pullback Reflects Post-Breakout Consolidation
BMNR Price Analysis (Source: TradingView)
BMNR is trading near $32.50 after pulling back from last week's highs, but the broader technical structure remains constructive.
The stock already broke out of a well-defined multi-week downtrend in early December, triggering a sharp rally from the $25–$27 zone into the $40–$42 area.
That move confirmed a trend change rather than a short-lived bounce.
The current decline reflects a normal post-breakout correction, with price now retesting the $32–$33 area that aligns with short-term support and prior breakout territory.
While short-term indicators such as Supertrend and Parabolic SAR remain overhead, signaling near-term pressure, the larger structure stays intact as long as BMNR holds above $30.
A reclaim of $35–$36 would signal renewed upside momentum, while a move back above $40 would put the $45–$48 zone back into focus.
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