Bitmine, the world’s largest corporate holder of Ethereum, has increased its Ethereum holdings beyond 4 million tokens following its latest purchase.
The company now holds 4,066,062 ether, worth over $12 billion at current market prices, according to company disclosures.
Tom Lee, chairman of Bitmine, has remained heavily bullish on Ethereum’s long-term price, recently predicting it could surge as high as $62,000 — but is it possible?
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Bitmine Expands Ethereum Treasury
According to on-chain analytics firm Lookonchain, Bitmine’s most recent purchase on Dec. 22 saw the company acquire 13,412 ETH for approximately $40.6 million.
Over the past week, Bitmine added 98,852 ether to its balance sheet, bringing its total holdings to 4,066,062 ETH.
The company said the tokens were acquired at an average price of $2,991 per ether.
“Bitmine continues to add steadily to its ETH holdings, adding 98,852 ETH in the past week, and Bitmine holdings now exceed the crucial 4 million ETH tokens,” Lee said in a statement.
Bitmine began accumulating Ethereum in June and has become the largest corporate holder of the asset in less than six months.
“We are making rapid progress towards the ‘alchemy of 5%’ and we are already seeing the synergies borne from our substantial ETH holdings,” Lee said.
Lee’s Bullish Ethereum Prediction
At the beginning of the month, Lee said Ethereum was positioned to benefit from tokenization and was currently “grossly undervalued.”
“Ethereum this year is having its 1971 moment,” Lee said, comparing the current transition to the end of the gold standard for the U.S. dollar.
“In 2025, we’re tokenizing everything — stocks, bonds, real estate — and Wall Street is going to create products on a smart contract platform,” he said.
“The vast majority of that infrastructure is being built on Ethereum.”
He added that Ethereum at $3,000 was “grossly undervalued.”
Lee said that if Ethereum returns to its long-term average valuation relative to Bitcoin, its price could reach approximately $12,000.
In a higher-ratio scenario, he said Ethereum trading at 0.25 relative to Bitcoin would see a price near $62,000.
With Bitmine making progress toward accumulating 5% of the total Ethereum supply, CCN asked ChatGPT and Grok whether Lee’s bullish price predictions could become reality.
ChatGPT Says Long-Term Case Strong
When asked to assess Ethereum’s outlook, OpenAI’s ChatGPT highlighted the asset’s structural advantages.
“Ethereum’s long-term investment case is supported by network effects, institutional adoption, and its central role in tokenization infrastructure,” the model said.
However, ChatGPT noted that price appreciation of the magnitude outlined by Lee would likely require sustained demand growth and a significant shift in risk sentiment.
“In the near term, Ethereum may continue to face resistance. It would require a huge, momentous change for Lee’s predictions to come into play,” it said.
“Ethereum, Bitcoin, and other cryptocurrencies can achieve massive growth in short spans of time, but at some point predictions have to be grounded in realism,” it added.
Grok Not Convinced
Grok, the AI chatbot developed by xAI, was more openly skeptical of the bullish projections.
“Ethereum has one of the best narratives in crypto — and one of the most patient markets ignoring it,” Grok said.
The model said large price projections often underestimate how long markets can remain indifferent.
“People have been calling Ethereum ‘undervalued’ for years,” Grok said. “That doesn’t make them wrong, but it does make timing their victory extremely painful.”
Grok added that institutional accumulation alone is not enough to drive prices higher.
“One company buying millions of ETH doesn’t magically flip market structure,” it said.
“Until leverage, volume, and risk appetite line up, Ethereum can stay boring longer than bulls can stay confident.”
While Grok acknowledged Ethereum’s role in tokenization, it cautioned against extrapolating that into near-term price action.
“Ethereum can be the backbone of finance and still trade sideways. Markets care about liquidity first, vision second,” it said.
CCN’s Reality Check
According to CCN’s analysis, Ethereum’s recent lack of upside follow-through has coincided with weakening on-chain and derivatives indicators.
“The Seller Exhaustion Constant has fallen to 0.027, its lowest level since June,” said CCN analyst Victor Olanrewaju.
“Such a low value suggests that sellers have not yet reached a point of exhaustion, meaning supply continues to meet—or outweigh—demand,” he added.
From a technical perspective, Ethereum continues to trade within a descending channel, Olanrewaju reported.
“If current conditions persist, Ethereum could drift toward the $2,740 region,” he said.
However, he added that a slowdown in selling pressure may “allow Ethereum’s price to reassert itself above the upper boundary of the descending channel.”
“In that scenario, a move toward $3,163 would come back into focus, though such a breakout would require confirmation from momentum and volume,” Olanrewaju concluded.
At the time of reporting, Ethereum was trading at around $2,967, up over 4% in a month, but down 3.15% in 24 hours. The asset remains extremely volatile.
