BitMine Reportedly Adds $112M in Ethereum as Tom Lee Says ETH Has “Already Bottomed”

BitMine, the Ethereum-focused treasury firm chaired by Fundstrat co-founder Tom Lee, reportedly added another large block of ether to its holdings this week. Data shared by blockchain tracker EmberCN, citing Arkham, suggests the company purchased 33,504 ETH—about $112 million—through trading firm FalconX on Wednesday. BitMine hasn’t confirmed the transaction.

The firm has been one of the most active institutional buyers of Ethereum this year. Its long-stated goal is to hold as much as 5% of all ETH in circulation, a target it continues to reference as it builds its position.

In its latest 8-K filing dated Dec. 7, BitMine reported holding more than 3.86 million ETH, along with 193 BTC, $1 billion in cash, and a $36 million “moonshot” investment in Eightco Holding, a Nasdaq-listed company involved with Worldcoin’s WLD token.

Lee has remained one of the most outspoken bulls on Ethereum. He recently repeated his view that ether has already hit its floor at around $2,500 and said he expects it to climb to between $7,000 and $9,000 by the end of January. Speaking on the Farokh Radio podcast, he noted that BitMine has been buying at an even faster pace.

“Compared to two weeks ago, the amount of ETH we’re buying has doubled,” he said.

The latest buying chatter arrived on the same day the Federal Reserve cut interest rates by 25 basis points. While equities rose on the news, both bitcoin and ether slipped after Fed Chair Jerome Powell signaled uncertainty about further cuts. As of Thursday, bitcoin was trading near $90,028, down almost 3% on the day, while ether sat around $3,186, a drop of more than 4%.

Lee told CNBC earlier this week that he expects crypto markets to recover in early 2026, even if the Fed stays cautious in the short term. He pointed to two factors: the possibility of a new Fed Chair with a more dovish approach, and the Institute for Supply Management (ISM) Index rising back above 50, which signals expansion across U.S. industries. According to Lee, crypto markets tend to react strongly when the ISM moves into growth territory.

“The ISM moving back above 50 has historically been associated with super-cycle moves in Bitcoin and Ethereum,” he said.

For now, BitMine’s steady buying and Lee’s upbeat outlook continue to draw attention, even as the broader crypto market works through a choppy response to U.S. monetary policy.