BitMine Boosts Treasury by $150M in Ether Amid New Accumulation Strategy

BitMine, an Ethereum-centric treasury firm helmed by Tom Lee, has recently expanded its treasury by acquiring an additional $150 million in Ether, as revealed by on-chain data reported on Wednesday by Arkham.

Key Takeaways:

BitMine's Investment: The firm, led by Tom Lee, has reportedly added $150 million in ETH to its reserves.
Current Holdings: It now possesses over 3% of the total Ethereum supply and is aiming for a 5% stake.
Market Insights: Tom Lee anticipates that ETH is entering a "supercycle," driven by upcoming network upgrades and possible policy shifts by the Federal Reserve.

The data indicates that BitMine acquired 18,345 ETH through BitGo and an additional 30,278 ETH via Kraken, representing one of the most significant corporate Ethereum treasury inflows seen this year.

While BitMine has not publicly confirmed these transactions, the movements in their wallet align with their recent purchasing behavior.

BitMine Adds $150M in Ether to Treasury in Fresh Accumulation Push

BitMine Expands Ethereum Holdings While Targeting 5% Stake

Throughout 2025, BitMine has consistently increased its Ether holdings, even during the market downturn in November. In the last week of that month, the firm purchased 96,798 ETH, raising its total holdings to over 3% of Ethereum's circulating supply.

The company has stated its ambition to eventually control around 5% of all ETH, viewing Ether not just as a value store but as essential infrastructure for financial markets.

This bold strategy is notable, especially as other corporate treasuries in the digital asset space are scaling back their purchases. Data from Bitwise identifies that companies collectively acquired about 370,000 ETH in November, a stark 81% drop from August's peak purchases of 1.97 million ETH.

Tom Lee disclosed on December 1 that several imminent developments are influencing his perspective, such as Ethereum's Fusaka upgrade and the expectation that the Federal Reserve will conclude its balance-sheet reduction efforts.

Just last month, Lee suggested that ETH could be entering the early phases of a growth cycle reminiscent of Bitcoin's dramatic rise, which saw a 100x rally since 2017.

He noted that the current landscape for Ether appears similar to Bitcoin's status eight years ago—a time characterized by high volatility that ultimately led to one of the most robust bull runs in cryptocurrency history.

Lee recalled that Fundstrat first recommended Bitcoin to its clients in 2017 when BTC was valued near $1,000. Despite Bitcoin experiencing significant pullbacks of up to 75%, it subsequently achieved over a 100-fold increase from that initial recommendation.

"We believe ETH is embarking on that same Supercycle," he remarked, asserting that Ether's current price fluctuations signal skepticism rather than a decline in value.

BitMine Enters New Leadership Phase with CEO Appointment

In addition to expanding its Ether treasury, BitMine has appointed a new CEO as part of strategic leadership changes aimed at further solidifying its status among publicly traded companies with significant Ether holdings.

Chi Tsang has taken over from Jonathan Bates as the new CEO, with the change effective immediately.

“With its substantial Ethereum holdings and credibility with both Wall Street and the Ethereum ecosystem, BitMine is positioned to become a leading financial institution,” Tsang stated.

Along with this leadership transition, BitMine has also appointed three new independent board members.