BitMine Expands Ethereum Holdings with $150 Million Acquisition

• BitMine adds $150 million in ETH, boosting treasury holdings significantly.
• Tom Lee remains bullish on Ethereum, forecasting price rise by 2026.
• Ethereum treasury firm aims for 5% of total circulating ETH supply.

BitMine, a prominent Ethereum treasury firm co-founded by Tom Lee of Fundstrat, made a significant acquisition of 48,623 ETH, valued at $150 million, on Wednesday. According to Arkham, a leading on-chain analytics firm, the purchase was made through two platforms: 18,345 ETH via BitGo and 30,278 ETH via Kraken.

While BitMine has not confirmed the transaction publicly, its ongoing Ethereum accumulation is evident, highlighting its strategy of securing a substantial stake in the cryptocurrency.

Despite market fluctuations, including November’s downturn, BitMine has continued to grow its Ethereum position. In the final week of November, the company added 96,798 ETH to its treasury, bringing its total Ethereum holdings to over 3% of the total circulating supply.

This aligns with BitMine’s stated goal of accumulating 5% of the Ethereum supply, a move that emphasizes its commitment to Ethereum’s increasing influence in financial markets.

Unlike BitMine, many digital asset treasuries have reduced their Ethereum purchases after a peak in August. According to Bitwise’s latest data, Ethereum digital asset treasuries (DATs) bought only 370,000 ETH in November, marking a stark 81% drop from the 1.97 million ETH acquired in August.

Also Read: The Truth About How the Real XRP Supply Shock Will Form – Analyst Breaks it Down

Ethereum’s Outlook and Lee’s Bullish Stance

Tom Lee remains optimistic about Ethereum’s future price movements, citing multiple catalysts that could drive the asset higher. One key event is Ethereum’s recent Fusaka upgrade, which went live on the same day as the acquisition.

Furthermore, Lee points to the Federal Reserve’s decision to end quantitative tightening as a positive sign for Ethereum’s market performance.

Lee’s bullish outlook has led him to predict that Ethereum could reach $7,000 to $9,000 by the end of January 2026, up from its current price of $3,215. Over the past 24 hours, Ethereum has seen a 5.7% increase in value, reflecting the growing optimism surrounding the asset.

As BitMine continues to build its Ethereum treasury, its stock also saw a positive movement, closing up by 5.48% at $33.66 on Wednesday. However, it still remains down by 21.47% over the past month.

Also Read: Analyst: XRP Is in the Process of Driving Retail Investors Out Before the “Real Rally” Begins

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