BitMine expands its treasury with $150M ETH purchase

Despite a slowdown in institutional crypto flows, BitMine has significantly expanded its ethereum treasury with a fresh purchase that contrasts broader market behavior.

BitMine ramps up ETH holdings with $150 million purchase

BitMine, the Ethereum treasury firm led by Tom Lee, added $150 million worth of ETH to its holdings on Wednesday, according to on-chain analytics platform Arkham. The move came during a period of weaker demand from other digital asset treasuries.

Arkham data show that BitMine acquired 18,345 ETH through BitGo and a further 30,278 ETH via Kraken. However, this large-scale transaction has not yet been formally confirmed by the company, leaving some investors waiting for an official filing.

Growing dominance among Ethereum treasury firms

The world’s largest Ethereum treasury company has been consistently buying ETH throughout 2024, even during November’s market slump. In the last week of the month alone, BitMine bought 96,798 ETH, underscoring its conviction in the asset.

That said, the firm is not only adding tokens; it is also gaining structural influence. With its latest buys, BitMine’s treasury has climbed to over 3% of the total circulating Ethereum supply. The company has repeatedly outlined an ambition to accumulate 5% of the total supply, framing this as part of a long-term strategy to back Ethereum’s role in financial market infrastructure.

DAT ETH purchases plunge from August peak

Unlike BitMine, many digital asset treasuries have been cutting back on ETH accumulation. According to Bitwise, Ethereum DATs collectively bought around 370,000 ETH in November, sharply lower than previous months. This suggests a more cautious stance among institutional allocators.

Moreover, the November figure marks an 81% drop compared with the 1.97 million ETH collectively purchased in August. While the broader DAT cohort slows down, BitMine’s decision to step up buying highlights a diverging strategy on how to position for future price moves.

Tom Lee’s ETH market outlook and Fusaka upgrade

Lee remains notably bullish on Ethereum’s near-term trajectory. In a disclosure dated Dec. 1, he argued that several imminent catalysts could support the network and its token, emphasizing both technology and macro factors.

One key driver he cited is Ethereum’s Fusaka upgrade, which went live earlier today and is expected to improve the protocol’s performance. In addition, Lee pointed to the Federal Reserve‘s planned end of quantitative tightening as another reason for accelerating accumulation, suggesting that easier liquidity conditions may favor risk assets.

Within this context, Lee highlighted that the ethereum treasury strategy at BitMine is designed to capture upside from both structural adoption and cyclical macro trends, rather than short-term trading opportunities.

Price targets and market performance

In recent interviews, Lee projected that ETH could climb toward $7,000 to $9,000 by the end of January 2026. However, he acknowledged that such upside depends on continued network growth, favorable regulation, and supportive monetary policy.

For now, the cryptocurrency is trading at $3,215, up 5.7% over the past day. Moreover, BitMine’s own stock appears to be reacting positively to its aggressive accumulation strategy, at least in the short term.

On Wednesday, BitMine’s shares closed up 5.48% at $33.66. That said, the stock remains down 21.47% over the past month, reflecting broader volatility in crypto-exposed equities despite the firm’s expanding onchain balance sheet.

Strategic implications for institutional ETH buying

BitMine’s latest move underscores a growing divide between individual ethereum treasury strategies and the more cautious stance of many digital asset treasuries. While aggregate institutional flows into ETH have softened since August, BitMine continues to accumulate at scale.

In summary, the firm’s push to control more than 3% of circulating supply, its stated 5% target, and Lee’s ETH market outlook all signal a high-conviction bet on Ethereum’s long-term role in global financial services.