TLDR
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BitMine added $150 million worth of Ethereum to its holdings this week.
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The firm acquired 18,345 ETH through BitGo and 30,278 ETH through Kraken.
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BitMine now holds over 3% of the total circulating Ethereum supply.
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The company’s goal is to accumulate 5% of the total Ethereum supply.
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Ethereum DATs significantly reduced their ETH purchases since August.
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BitMine remains committed to Ethereum despite the broader market slowdown.
BitMine, the Ethereum treasury firm co-founded by Fundstrat’s Tom Lee, has made a substantial addition to its holdings. On Wednesday, the company purchased $150 million worth of Ethereum, acquiring 18,345 ETH through BitGo and 30,278 ETH through Kraken. This brings BitMine’s total Ethereum treasury to over 3% of the total circulating ETH supply.
BitMine’s aggressive purchasing strategy continues despite market slowdown
BitMine’s Ethereum buying spree has continued through the year, even during market downturns. The company purchased 96,798 ETH during the last week of November, further expanding its holdings. BitMine has stated that its goal is to accumulate 5% of the total Ethereum supply.
In comparison, other digital asset treasuries (DATs) have significantly reduced their ETH purchases since August. Data from Bitwise shows Ethereum DATs bought about 370,000 ETH in November, down from 1.97 million ETH in August. BitMine’s consistent accumulation contrasts with the trend in the broader market.
Tom Lee remains bullish on Ethereum’s future performance
Tom Lee, a prominent figure behind BitMine, remains optimistic about Ethereum’s near-term price prospects. In a recent disclosure on December 1, Lee pointed to several upcoming catalysts, including Ethereum’s Fusaka upgrade. He also highlighted the Federal Reserve’s end of quantitative tightening as a factor that could drive ETH prices higher.
Lee has previously predicted that Ethereum could reach between $7,000 and $9,000 by the end of January 2026. Currently, Ethereum is trading at $3,215, with a 5.7% increase over the past 24 hours. BitMine’s stock rose 5.48% to $33.66 on Wednesday, despite being down 21.47% over the past month.
BitMine’s strategy has set it apart from other entities in the Ethereum market. While the broader market faces challenges, BitMine’s firm commitment to Ethereum highlights its belief in the cryptocurrency’s future. The firm continues to focus on accumulating more ETH, undeterred by the market fluctuations seen in recent months.
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