Tom Lee's BitMine Scoops $140M ETH on Dip, Treasury Swells to Over 3.2% of Supply

With Fundstrat's Tom Lee as chairman, BitMine Immersion Technologies (NYSE American: BMNR) purchased nearly $140 million worth of Ethereum on December 16, 2025, from a FalconX hot wallet, thereby increasing its already enormous stockpile of assets. This aggressive dip-buying raised the company's ETH reserves to around 3.97 million tokens, worth almost $11.6 billion and accounting for more than 3.2% of Ethereum's circulating supply. BitMine's overall crypto and cash portfolio now exceeds $13.2 billion, which helps it to be the biggest corporate Ethereum holder in the world with Bitcoin holdings as well as other crypto assets and sizable cash reserves above $1 billion.

The acquisition fits BitMine's aggressive "Alchemy of 5%" strategy, which seeks to hold a long-term store of value of 5% of all ETH in circulation. This action follows recent additions, including more than 240,000 ETH earlier in December, and is priced at an average of roughly $3,074 per token amid Q4 market softness and spot ETF outflows. Particularly before the recent Fusaka upgrade, which improved network scalability, security, and data availability, Chairman Tom Lee has stressed conviction in the future of Ethereum.

Driven by more miner pressures and macroeconomic hazards, this aggressive accumulation indicates high institutional confidence in ETH despite short-term stagnation close to $2,900–$3,000 levels. On-chain data shows demand from corporate treasuries contrasted against diminished retail flows; analysts are monitoring treasury expansion relative to ETF dynamics for possible triggers into the first half of 2026. BitMine's strategy highlights Ethereum's rising importance as a major corporate reserve asset by its #1 ETH treasure and #2 total global crypto treasure.