BitMine, the Ethereum treasury firm led by Fundstrat co-founder Tom Lee, added $150 million worth of ETH to its holdings on Wednesday.
According to onchain analytics platform Arkham, BitMine acquired 18,345 ETH through BitGo and 30,278 ETH through Kraken. However, this transaction has not been officially confirmed by BitMine.
The world’s largest Ethereum treasury company has consistently been buying ETH this year, even through November’s market slump. In the last week of the month, BitMine purchased 96,798 ETH, bringing BitMine’s treasury to over 3% of the total circulating Ethereum supply. The company has repeatedly stated its goal of accumulating 5% of the total supply and expressed its commitment to supporting Ethereum’s growing role in financial market services.
Unlike BitMine, digital asset treasuries have been reducing their ETH purchases since a peak recorded in August. According to recent data from Bitwise, Ethereum DATs collectively purchased around 370,000 ETH in November — an 81% decrease compared to 1.97 million ETH in August.
Lee remains bullish on Ethereum’s near-term price action, saying in the Dec. 1 disclosure that there are several imminent catalysts for Ethereum, including its Fusaka upgrade, which went live earlier today. He also cited the Federal Reserve’s planned end of quantitative tightening as another reason for stepping up accumulation.
In recent interviews, Lee predicted that ETH will rise toward $7,000 to $9,000 by the end of January 2026. The cryptocurrency is currently trading at $3,215, up 5.7% in the past day.
BitMine’s own stock closed up 5.48% on Wednesday at $33.66, while remaining down 21.47% in the past month.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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