Tom Lee’s Bitmine has increased its exposure to Ethereum, according to blockchain data, as traders debate whether recent remarks by BlackRock Chief Executive Larry Fink amount to a signal for ETH.
Blockchain analytics firm Arkham Intelligence said in a post on X that Bitmine purchased more than $100 million worth of Ethereum in the past 24 hours, expanding what it described as the largest ETH treasury in the world.
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Tom Lee’s Bitmine Adds to Ethereum Holdings
According to Arkham Intelligence, Bitmine bought approximately $103.7 million worth of Ether over the past day, bringing its total holdings to $12.61 billion in ETH, equivalent to more than 3.5% of Ethereum’s total circulating supply.
Arkham added that Bitmine has also increased its staking activity.
“Bitmine has staked $279.4 million of ETH since the start of the week, bringing their total to $5.27 billion of staked ETH,” the firm said.
The post concluded: “Tom Lee is buying and staking ETH.”
Bitmine is pursuing what Lee has described as “The Alchemy of 5%,” a strategy targeting ownership of 5% of Ethereum’s total supply.
Once fully operational, Lee has said Bitmine could earn a 2.79% pre-tax yield on its ETH holdings, potentially placing it among the 800 most profitable publicly traded U.S. companies.
BlackRock’s Larry Fink Highlights “One Common Blockchain”
Lee’s latest accumulation comes as BlackRock’s Larry Fink underscored the growing importance of blockchain infrastructure in global finance during remarks at the World Economic Forum in Davos.
“Tokenization, decimalization is necessary,” Fink said.
“It’s ironic that we see two emerging countries leading the world in decimals in the tokenization and digitization of their currency. That’s Brazil and India,” he added.
Fink said a unified blockchain-based financial system could reduce costs, increase transparency, and broaden access to markets.
“If we had all investments on a tokenized platform, that you can move from a tokenized money market fund to equities and bonds and back and forth — we have one common blockchain — we could reduce corruption,” he said.
While acknowledging potential concentration risks, Fink said blockchain-based systems could ultimately prove more secure.
“That being said, that activities are probably processed and more secure than ever before,” he added.
Traders Speculate Over BlackRock Ethereum Endorsement
Although Fink did not mention Ethereum by name, traders and analysts have widely interpreted his comments as a reference to the Ethereum network, citing BlackRock’s existing initiatives on the blockchain.
“The ‘one common blockchain’ Larry Fink referenced could plausibly be Ethereum,” ETH Daily wrote on X , pointing to BlackRock’s role in asset tokenization.
BlackRock has launched several blockchain-based products on Ethereum, including the BUIDL tokenized money market fund, which has grown to more than $2 billion in total value locked, according to public disclosures.
BlackRock did not immediately respond to a request for comment.
Bullish on ETH
Lee has repeatedly expressed optimism about Ethereum’s long-term prospects, citing institutional adoption and its expanding role in financial infrastructure.
“We think that ETH can be $7,000 to $9,000 by the end of January,” Lee said recently, while cautioning that prices could briefly dip toward $2,500 in the near term.
Lee has also highlighted Ethereum’s performance relative to Bitcoin as a key indicator.
In a recent note to shareholders, he said that if Bitcoin reaches $250,000, Ethereum could trade between $12,000 and $22,000, based on historical ratio trends.
In more aggressive scenarios, Lee said Ethereum could climb to $250,000 if Bitcoin were to reach $1 million.
Other analysts have echoed the bullish outlook.
Lacie Zhang, a research analyst at Bitget Wallet, said Ethereum could reach $7,000 by the end of 2026, with a nearer-term target of $4,500 over the next few months.
“The recent stabilization of Bitcoin and Ethereum prices suggests the market is rebuilding conviction rather than chasing short-term momentum,” Zhang told CCN.
She added that expectations of more accommodative economic policy, concerns over central bank independence, and a softer U.S. dollar could support crypto assets.
“Expectations of more accommodative economic policy... tend to favor scarce, non-sovereign assets like BTC and ETH,” Zhang said.
Over the next three to five months, Zhang said Bitcoin could advance toward $120,000 and Ethereum toward $4,500, with longer-term potential for Bitcoin at $180,000 and Ethereum at $7,000 if adoption and macroeconomic trends persist.
