Ethereum News Today: BitMine Buys $150M in ETH, Nears 4M-Hold Threshold

Tom Lee's BitMine Adds Another 41,946 ETH to Holdings

Tom Lee's BitMine has added another 41,946 ETH to its holdings, pushing its total Ethereum stash above 3.7 million tokens. The purchase, valued at roughly $150 million, was flagged by on-chain analytics firm Arkham Intelligence and marks a significant acceleration in the firm's accumulation strategy.

BitMine's holdings now represent just over 3% of the entire Ethereum supply according to reports.

The acquisition comes as Ethereum rebounds above $3,200 after a sharp decline earlier in the year. BitMine, which began its Ethereum treasury strategy in mid-2025, has continued to buy ETH through every market cycle. Its latest move indicates growing confidence in the digital asset's long-term prospects.

The firm's strategy has drawn comparisons to Michael Saylor's Bitcoin accumulation at MicroStrategy. Tom Lee, BitMine's chairman, has shown no hesitation in deepening his Ethereum bet despite over $4 billion in unrealized losses earlier this year. Now, with ETH's price rebounding, BitMine is positioning itself as a major Ethereum whale.

A Strategy Built on Conviction

BitMine's accumulation strategy has remained aggressive even as many other crypto treasuries have scaled back or sold their holdings. Between late November and early December, the firm purchased 96,798 ETH in just one week. This pace of buying is significantly higher than the market average, which saw a sharp decline in Ethereum treasury purchases in November according to data.

The firm's rationale is rooted in both technical and macroeconomic factors. Ethereum's Fusaka upgrade, which activated on December 3, has boosted the network's scalability and reduced transaction costs. BitMine has also cited expectations of Federal Reserve policy easing as a key driver of its strategy. With interest rate cuts becoming more likely, Lee views Ethereum as a prime beneficiary of lower capital costs.

BitMine is not alone in its bullish stance. Exchange-traded funds have seen a surge in Ethereum inflows, with BlackRock's ETHA ETF leading the charge. Bitcoin, by contrast, has seen outflows, signaling a shift in investor preference. For BitMine, this divergence supports its long-term Ethereum thesis.

BitMine's aggressive buying spree has had a tangible effect on its stock. The company's shares, listed on the NYSE as BMNR, have risen over 15% in December. This comes after the firm announced its latest $150 million ETH purchase and plans to distribute a year-end dividend-a rare move for a crypto-related company according to reports.

The firm's institutional backing adds further credibility to its strategy. BitMine is supported by Peter Thiel's Founders Fund and Cathie Wood's ARK, both prominent players in the fintech and crypto ecosystems. Additionally, it has appointed a new CEO and added three new independent board members.

BitMine's treasury strategy is not without risks. Despite its growing Ethereum holdings, the firm is sitting on approximately $2.8 billion in unrealized losses. However, as Ethereum continues to recover, these paper losses are shrinking, and the firm's position is becoming more profitable according to analysis.

Looking Ahead: The Path to 5% of Ethereum

BitMine's ultimate goal is to control 5% of all circulating Ethereum-roughly 6 million tokens. This would make it the largest corporate ETH holder and cement its role as a key player in the network's future. To that end, the firm is also developing its own staking infrastructure, dubbed the Made in America Validator Network, which it plans to deploy in early 2026.

With its current pace of accumulation, BitMine could surpass 4 million ETH by early 2026. If the firm continues to buy at the same rate, it may reach its 5% target sooner than expected. This would give it significant influence over Ethereum's governance and staking dynamics, potentially reshaping the market's structure.

For now, the focus remains on the next phase of Ethereum's upgrades and the evolving macroeconomic landscape. BitMine's actions suggest it believes the best is yet to come for Ethereum, and that the recent rebound is just the beginning of a larger bull cycle.