Tom Lee’s BitMine Pushes ETH Reserves Past 4M Tokens With Latest $40 Million Acquisition

On December 22, BitMine Immersion Technologies (BMNR) announced its holdings now exceed 4 million ETH. This milestone was reached after the company, led by Fundstrat’s Tom Lee, purchased nearly 99,000 ETH last week.

BitMine Edges Toward Its 5% Ethereum Supply Target

In a press release, Lee described the pace of accumulation as a major milestone, noting that the firm reached this level after just 5.5 months of active deployment.

Blockchain analytics firm Lookonchain reported that BitMine acquired 13,412 Ethereum earlier in the day, a transaction valued at approximately $40.61 million.

https://twitter.com/BitMNR/status/2003127212648624370?s=20

This recent activity builds on earlier large-scale purchases. In September, BitMine acquired 80,325 Ethereum in a transaction valued at roughly $358 million.

That purchase increased its treasury to 1,947,299 tokens. Its holdings have grown significantly since then. The firm’s holdings are now recorded at 4,066,062 ETH. This represents about 3.36% of Ethereum’s total circulating supply.

Lee describes this strategy as long-term, not speculative. He states the firm is accelerating toward what he terms the “alchemy of 5%.”

This threshold is seen as a point of meaningful influence and financial leverage within the network.

According to him, the firm sees itself as a bridge between traditional finance and on-chain infrastructure, with active engagement across decentralized finance and blockchain development.

Market conditions have also improved. As Ethereum climbed back above $3,000 over the weekend, BitMine’s Ethereum treasury returned to profit after remaining underwater following the October market downturn.

BitMine’s objective remains unchanged. The firm continues to target ownership of 5% of Ethereum’s total supply.

At current prices, BitMine’s Ethereum holdings are valued at approximately $12.2 billion. This places the firm about 67% of the way toward its stated target.

Could Expectations of a Bitcoin-Like Cycle Be Fueling Steady Ether Purchases?

BitMine’s sustained accumulation appears to be guided by the idea that a large Ethereum reserve becomes increasingly valuable as staking economics mature and institutional rails expand.

There is also a growing belief that the asset continues to serve as the settlement layer for stablecoins and tokenized assets.

Last month, Lee provided new insight into what the future could look like. He suggested that Ethereum may be entering a prolonged expansion phase similar to Bitcoin’s post-2017 cycle.

He pointed to patterns of adoption, infrastructure growth, and investor hesitation that closely resemble Bitcoin’s early institutional years.

https://twitter.com/fundstrat/status/1990082437116780901?s=20

Over the past eight and a half years, Bitcoin has experienced extreme volatility. The asset suffered six major drawdowns and endured three separate crashes exceeding 75%.

Those who maintained exposure ultimately saw Bitcoin’s price increase nearly one hundred times by 2025.

The same framework now informs Lee’s view of Ethereum. He believes Ethereum is entering a similar long-term expansion phase, one marked by sharp volatility but driven by increasing real-world use.

Lee has described this period as a new “Supercycle,” anchored in Ethereum’s role as financial infrastructure rather than speculative momentum alone.

For BitMine, this perspective explains the urgency behind its strategy. If Ethereum follows even a portion of Bitcoin’s historical trajectory, BitMine’s aggressive treasury approach could prove foundational rather than excessive.