Tom Lee’s BitMine Buys $429 Million in Ethereum as ETH Rebounds

BitMine Immersion Technologies, the top Ethereum treasury company ranked by holdings, announced that it purchased 138,452 ETH last week, or about $429 million worth based on the current price of the second-largest cryptocurrency by market cap.

That brings the company’s ETH holdings to 3.864 million, or about $12 billion worth, along with 193 Bitcoin ($17.3 million worth) and $1 billion in cash.

It’s the company’s largest Ethereum purchase in nearly two months, since buying over 200,000 ETH in a purchase announced on October 19. BitMine stock is up about 2.5% on the day following the Monday announcement, at a recent price of $34.90.

Ethereum has shown one of the biggest gains over the last week among the leading cryptocurrencies, rising nearly 11% during the span. It’s up more than 3% on the day, recently trading for about $3,114. Bitcoin, by comparison, has climbed about 7% on the week and 1% over the last 24 hours.

Users on Myriad—a prediction market operated by Decrypt‘s parent company, Dastan—aren’t fully convinced that Ethereum will continue surging, currently giving ETH’s next stop a 46% chance of being $4,000 rather than $2,500.

BitMine Chairman Tom Lee attributed this aggressive buying to confidence in Ethereum’s future prospects, citing several positive catalysts: the recent Fusaka upgrade improving scalability and security, the Federal Reserve’s expected rate cut and end to quantitative tightening, and recovery from October’s market volatility.

Lee remains bullish on prospects for the crypto industry, despite two months of volatility after Bitcoin set a new all-time high price above $126,000 in early October.

“The best years are ahead for crypto given the substantial upside to current adoption rates for crypto and given the coming transformation as Wall Street tokenizes everything onto the blockchain,” he wrote in a statement.

BitMine holds the world’s largest Ethereum treasury and ranks as the second-largest global crypto treasury behind Strategy, which holds about $60 billion in Bitcoin. Strategy also announced a big purchase on Monday, adding nearly $1 billion worth of Bitcoin in its biggest weekly buy in months.

BitMine is positioning itself for what Lee calls a “crypto supercycle,” predicting strong performance in 2026 driven by increasing adoption and Wall Street’s embrace of tokenization. Additionally, BitMine is developing the Made in America Validator Network (MAVAN), described as a best-in-class staking infrastructure solution scheduled for deployment in early 2026.