BitMine Boosts Ethereum Purchases Amid Bullish Outlook
BitMine Immersion Technologies, led by Tom Lee, co-founder of Fundstrat, has bought about $112 million worth of Ethereum (ETH) to add to its crypto holdings. This move continues the company’s steady pattern of buying the coin throughout the year as it works toward its long-term goal.
This latest transaction was not officially confirmed by the company. However, data from Arkham, shared through EmberCN, shows that BitMine acquired 33,504 ETH through FalconX on December 10.
The Ethereum-focused mining company has said many times that it wants to collect 5% of all Ethereum. In a recent podcast on Farokh Radio, Chairman Tom confirmed this plan. He said the company has doubled how fast it is buying Ethereum in the past two weeks.
BitMine thinks the digital asset will become more important in the world of finance. It continues to act on that belief through large and frequent purchases.
Likewise, Lee has remained confident that Ethereum and the broader crypto market are positioned for strong growth. Last month, he said the digital asset had hit its lowest point at $2,500. He added that Ethereum may be entering the same kind of explosive growth cycle that propelled Bitcoin to a hundredfold gain since 2017.
Market Reaction to the Federal Reserve’s Latest Decision
On December 10, the Federal Reserve announced a 25-basis-point interest rate cut. However, Chair Jerome Powell warned that future cuts are uncertain. This created a mixed market reaction, with Bitcoin and Ethereum both declining despite a rising stock market.
Earlier today, during an interview with CNBC, Lee said he expects crypto prices to rise in early 2026 even if the Federal Reserve stays cautious this month. He believes two major forces could drive this shift.
One reason is the chance that a new Fed Chair may support easier policies. Another is that the Supply Management (ISM) Index recently went above 50, which shows the economy is growing. This level has often matched big upward moves in Bitcoin and Ethereum.
BitMine Strengthens Crypto Holdings Despite Market Dips
At the time of writing, Bitcoin is trading at $90,028, down 2.82% in the past day. Ethereum, on the other hand, is changing hands for $3,186, down 4.29% in the last 24 hours. The market is still sensitive to interest rates and the overall economy.
However, firms like BitMine continue to build their positions with long-term confidence. The company’s most recent 8-K filing, dated December 7, shows that BitMine held 3,864,951 ETH at that time. The firm also reported holding 193 Bitcoin (BTC) and $1 billion in cash.
It additionally disclosed a $36 million investment in Eightco Holding, a Nasdaq-listed treasury company focused on Worldcoin’s WLD token. These figures highlight BitMine’s expanding position in the wider crypto market.