BitMine Buys $88M Worth of ETH, Extending Its Accumulation Campaign
BitMine continues to aggressively expand its Ethereum treasury, reinforcing its position as the largest corporate holder of the asset.
Blockchain tracking data suggests the company added a sizable amount of ETH at the start of the week, extending a buying campaign that has defined its strategy throughout the year.
Key takeaways
- BitMine is believed to have added roughly $88 million worth of Ethereum in a single day.
- The company now holds over 4 million ETH, making it the largest corporate Ethereum treasury globally.
- BitMine’s strategy centers on accumulating up to 5% of Ethereum’s circulating supply.
- Short-term price declines in ETH and BitMine’s stock have not altered its accumulation strategy.
According to onchain data cited by market observers, BitMine is believed to have acquired roughly 29,462 ETH — valued at about $88 million — through transactions linked to custodial platforms BitGo and Kraken. While the company has not formally confirmed these specific transfers, they follow closely on the heels of an official disclosure made earlier the same day.
It seems that Tom Lee(@fundstrat)'s #Bitmine just bought another 29,462 $ETH($88.1M) from BitGo and Kraken.https://t.co/hXCQQvO6ZFhttps://t.co/m3WT8Jwh6x pic.twitter.com/REuuHwyR6q
— Lookonchain (@lookonchain) December 23, 2025
In its filing, BitMine confirmed it purchased 98,852 ETH over the past week, pushing its total holdings to 4,066,062 ETH. The firm reports an average acquisition cost of $2,991 per ether, placing the value of its Ethereum treasury at approximately $12 billion based on current market prices.
A Long-Term Bet on Ethereum’s Role in Global Finance
The pace of accumulation highlights BitMine’s long-term thesis on Ethereum and its ambition to control a meaningful share of the network’s supply. Led by Tom Lee, the company has made no secret of its goal to eventually secure 5% of Ethereum’s circulating supply — a target it has repeatedly framed as central to its broader vision.
Lee reiterated that conviction in a statement accompanying the disclosure, describing the company’s progress as tangible and accelerating. He positioned BitMine as a conduit between traditional finance and blockchain infrastructure, emphasizing the firm’s involvement in tokenization initiatives and its engagement with developers across the decentralized finance ecosystem.
Despite the scale of the purchase, market reaction remained muted. BitMine’s shares closed modestly lower on Monday, ending the session down 0.86% at $31.09. Ethereum also traded lower, slipping roughly 2.5% over the past 24 hours to around $2,950.
Even so, BitMine’s strategy appears unchanged. While short-term price fluctuations persist, the company continues to prioritize accumulation over timing, signaling that it views Ethereum not as a trade, but as a foundational asset it expects to play a central role in the future of global finance.
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Alexander Zdravkov is a person who always looks for the logic behind things. He has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
