BitMine, the Ethereum-focused treasury firm led by Tom Lee, has added another $150 million worth of Ether to its balance sheet, according to on-chain data shared Wednesday by Arkham.
Key Takeaways:
Tom Lee–led BitMine reportedly added $150 million in ETH. The company now holds over 3% of Ethereum’s supply and is openly targeting a 5% stake. Tom Lee says ETH is entering a “supercycle,” citing network upgrades and a potential pivot by the Federal Reserve as catalysts.The data shows the company received 18,345 ETH via BitGo and a further 30,278 ETH through Kraken, pointing to one of the largest single inflows into a corporate Ethereum treasury this year.
BitMine has not yet issued a formal confirmation of the transfers, though the wallet movements align with its recent buying pattern.
BitMine Builds 3% Stake in Ethereum as It Targets 5% Supply
The firm has steadily built its Ether position throughout 2025, even during November’s market pullback.
In the final week of last month alone, BitMine snapped up 96,798 ETH, lifting its holdings to more than 3% of Ethereum’s circulating supply.
Management has previously said it aims to ultimately control around 5% of all ETH, framing Ether not just as a store of value but as core infrastructure for financial markets.
The aggressive strategy stands out at a time when other digital asset treasuries are easing off.
Figures from Bitwise show companies bought about 370,000 ETH in November, an 81% drop from August’s peak of 1.97 million ETH.
Lee said in a Dec. 1 disclosure that several near-term developments are shaping his outlook, including Ethereum’s Fusaka upgrade and expectations that the Federal Reserve will bring its balance-sheet reduction program to an end.
Last month, Lee said Ether may be entering the early stages of the type of explosive growth cycle that propelled Bitcoin to a 100x rally since 2017.
Lee said the current Ether market resembles Bitcoin’s setup eight years ago, a period marked by deep volatility that ultimately preceded one of the strongest bull cycles in crypto history.
Lee noted that his firm first recommended Bitcoin to Fundstrat clients in 2017 when BTC traded near $1,000.
Since then, Bitcoin suffered several drawdowns of up to 75%, yet still surged more than 100-fold from that initial call.
“We believe ETH is embarking on that same Supercycle,” he wrote, arguing that Ether’s recent weakness reflects doubt, not deterioration.
BitMine Names New CEO Amid Leadership Shakeup
BitMine has also appointed a new chief executive as the company continues to build one of the largest Ether treasuries among publicly traded firms.
Last month, the company said Chi Tsang will replace Jonathan Bates as CEO, with the transition taking effect 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,” he said.
Alongside the leadership change, BitMine appointed three new independent board members.
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