Four weeks ago BitMine added 54,000 tokens, while the two weeks prior to this announcement saw combined purchases of 167,000 Ethereum.
Ethereum News
Tom Lee's treasury firm acquired 138,452 Ethereum last week for approximately $429 million, marking its largest purchase in nearly eight weeks. BitMine Immersion Technologies now holds 3.864 million tokens valued at roughly $12 billion.
The acquisition accelerates buying activity after smaller purchases in recent weeks. Four weeks ago BitMine added 54,000 tokens, while the two weeks prior to this announcement saw combined purchases of 167,000 Ethereum.
BitMine controls more than 3.2% of Ethereum's circulating supply, cementing its position as the dominant institutional holder. The company also holds 193 Bitcoin worth $17.3 million and maintains $1 billion in cash reserves, bringing total assets to $13.2 billion.
Shares gained 2.5% Monday to $34.90 following the announcement. The stock ranks among the 40 most actively traded U.S. equities with daily volume averaging $1.8 billion.
Chairman Lee attributed the accelerated buying to several factors. Ethereum's Fusaka upgrade completed December 3, delivering improvements to network scalability and security. Lee also cited the Federal Reserve's anticipated rate cut this month and the conclusion of quantitative tightening as support for Ethereum prices heading into 2026.
The buying strategy runs counter to broader industry trends. Most digital asset treasury operations have slowed or stopped accumulation as token prices declined from summer peaks, but BitMine increased purchases with Ethereum trading below its highs from earlier this year.
Lee released a statement Monday titled "The Crypto Supercycle is Intact," predicting strong 2026 performance driven by growing institutional adoption and Wall Street's movement toward tokenization. He wrote that the best years for crypto remain ahead given substantial upside to current adoption rates. Ethereum gained nearly 11% over the past week, rebounding to $3,114. The recovery outpaced Bitcoin's 7% weekly gain.
BitMine carries unrealized losses estimated near $3 billion on its token holdings at current prices. The firm accumulated most of its position during periods when Ethereum traded at higher valuations, but Lee maintains confidence in long-term appreciation supporting the accumulation strategy.
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