Tom Lee Buys $75M in Ethereum – Will ETH Reach $10k?

Tom Lee, chairman of Bitmine Immersion Technologies, has acquired an additional 24,266 Ethereum tokens for $75.59 million. This purchase brings the company's total ETH holdings to 4,167,768 tokens, valued at $12.98 billion. The acquisition marks the firm's lowest weekly Ethereum purchase on record.

The 24,266 ETH purchase was executed through a disciplined equity issuance strategy, raising capital at a premium to the company's net asset value. The acquisition also aligns with Bitmine's long-term objective of reaching 5% of the total Ethereum supply.

Bitmine's treasury now holds 3.45% of the circulating Ethereum supply, positioning the firm as the largest public ETH treasury holder. The firm's staking strategy has expanded significantly, with 1.25 million ETH now staked across institutional protocols.

Why Is This Purchase Significant?

The latest Ethereum purchase represents a strategic shift in Bitmine's business model. The company is moving from passive accumulation to active on-chain yield generation. This pivot includes launching the Made in America Validator Network (MAVAN), which aims to become a major Ethereum staking provider.

Tom Lee has emphasized that the firm will continue its accumulation strategy only if additional equity issuance authorization is granted. Bitmine has nearly exhausted its current 500 million share authorization, and the upcoming stockholder meeting on January 15 will be a critical test of institutional and retail support.

What Are Analysts Watching Next?

The broader crypto market is mixed, with Ethereum trading at $3,096. The token has tested key levels, including a recent high of $3,170, but has pulled back to current levels.

ETF inflows remain a key focus. Bitcoin spot ETFs recorded $117 million in inflows on Monday, ending four days of outflows. Ethereum ETFs saw $5 million in inflows after a period of outflows.

The Fed's cautious monetary policy, following a softer core CPI reading, has improved market sentiment. This soft inflation reading supports the possibility of rate cuts in 2026, which could benefit Bitcoin and Ethereum.

What Is the Outlook for Ethereum and Bitmine's Strategy?

Bitmine's Ethereum accumulation and staking initiatives are expected to generate significant revenue once fully operational. The company estimates that staking fees could generate over $374 million annually, transforming Bitmine into an infrastructure provider for the Ethereum network.

Market analysts are also watching key technical levels for Ethereum. A break above the $3,309 monthly high or a sustained move above the 50-day EMA at $3,125 could signal a bullish reversal.

The outcome of the January 15 stockholder meeting will determine whether Bitmine can continue its aggressive accumulation strategy. Without shareholder approval to issue additional shares, the company's ability to scale its Ethereum holdings will be constrained.

Investors are also watching how the broader market reacts to Ethereum's price action. A failure to break above key resistance levels could result in further consolidation or a decline toward the $3,000 level.