Ethereum continues to rebound above $3,200 and Tom Lee’s BitMine is going all in, scooping up tens of thousands of ETH as part of an ambitious plan to dominate corporate crypto treasuries.
Key Takeaways
- BitMine has accumulated over 3.7 million ETH, now worth more than $18 billion, representing more than 3% of Ethereum’s total supply.
- The firm purchased over 138,000 ETH in recent weeks, including a $130 million buy on December 5.
- Tom Lee believes the market has bottomed and predicts Ethereum could hit $62,000 under a bullish ETH/BTC scenario.
- BitMine plans to launch its MAVAN staking solution in 2026, further solidifying its long-term Ethereum strategy.
What Happened?
Tom Lee’s BitMine Immersion Technologies is doubling down on Ethereum. Despite previous unrealized losses, the firm has continued to add to its massive ETH reserves, driven by Lee’s confidence that the crypto market has turned a corner. In the wake of Ethereum’s recent bounce above $3,200, BitMine purchased over 138,000 ETH in just a few weeks, including a $130 million buy on December 5. The company’s total holdings now exceed 3.7 million ETH, with a goal of reaching 5% of all circulating ETH.
It seems that Tom Lee(@fundstrat)’s #Bitmine just bought another 41,946 $ETH($130.78M) 5 hours ago.https://t.co/adab0TBF5Phttps://t.co/bYWnrPoBLU pic.twitter.com/z8QPzY0q95
— Lookonchain (@lookonchain) December 5, 2025
BitMine’s Big Ethereum Bet
BitMine has quietly built one of the largest corporate Ethereum treasuries in existence. Founded as BitMine Immersion Technologies, the firm launched its ETH accumulation strategy in mid-2025 with a $250 million private placement. Since then, it has continued buying during rallies, corrections, and steep drawdowns.
- On-chain analysts such as Arkham Intelligence and Lookonchain flagged multiple ETH purchases tied to BitMine wallets.
- Recent buys include 96,798 ETH in late November and early December, followed by another 41,946 ETH purchase tracked by Lookonchain.
- BitMine reportedly withdrew $91 million in ETH from Kraken, ahead of the Ethereum Fusaka upgrade.
The firm’s aggressive approach echoes Michael Saylor’s Bitcoin playbook with MicroStrategy, but instead targets Ethereum. Like Saylor, Lee has stayed the course through volatile market conditions.
Tom Lee’s Ethereum Price Outlook
Speaking at Blockchain Week in Dubai, Lee said the crypto market had finished its correction phase, and was now entering a bullish reversal. He cited historical cycle patterns and fading concerns over Tether and MicroStrategy as signs of renewed stability.
Lee remains especially bullish on Ethereum’s long-term role in global finance:
- He believes Ethereum could trade at $12,000 based on historical price ratios with Bitcoin.
- A return to 2021 peak ETH/BTC ratios would put Ethereum near $22,000.
- In a best-case scenario where ETH becomes the global financial backbone, he estimates a price of $62,000 if the ETH/BTC ratio reaches 0.25.
Institutional Interest and Network Growth
Lee highlighted growing institutional interest in Ethereum, naming JPMorgan and BlackRock among the firms building tokenization platforms using ETH. This aligns with his view that Ethereum will serve as the primary settlement layer for financial systems.
BitMine is also preparing to launch MAVAN, a staking solution expected in early 2026, that will enable further utility for its ETH holdings. The project underscores BitMine’s commitment to long-term ETH infrastructure and staking income.
CoinLaw’s Takeaway
In my experience, when high-conviction players like Tom Lee double down despite short-term losses, it’s a strong signal. BitMine’s unshaken belief in Ethereum and continued buying tells me this isn’t just a hedge, it’s a full-blown strategy to become a cornerstone player in the future of finance. Ethereum crossing $3,200 again is more than just a bounce. With institutional adoption rising and staking innovations on the way, I wouldn’t be surprised if Lee’s bold prediction of $62,000 ETH one day starts sounding less extreme.
