BitMine Doubles Down: $150M Ether Treasury Move Signals Major Accumulation Phase
BitMine just made a nine-figure bet on Ethereum's future.
The crypto mining heavyweight has funneled a staggering $150 million worth of Ether into its corporate treasury, marking one of the most aggressive public accumulation plays of the year. This isn't just a casual buy—it's a strategic deployment of capital that screams long-term conviction.
From Mining Rigs to Digital Gold
For a company built on extracting Bitcoin from the earth, this pivot toward holding Ether is telling. It signals a broader corporate strategy evolution, moving beyond pure-play mining to position itself as a balanced digital asset powerhouse. The treasury is becoming a vault.
The Signal in the Noise
While retail traders chase memecoins, institutional players are building positions. A move of this scale cuts through the market chatter like a laser. It's a cold, calculated allocation that bypasses short-term sentiment, focusing purely on the underlying network's value proposition. Forget the daily charts; this is chess, not checkers.
A Provocative Treasury Strategy
This reshuffles the deck for corporate crypto holdings. Other public companies now face a new benchmark for treasury aggression. Holding crypto is one thing; actively accumulating nine figures worth during uncertain times is another—a move that would give any traditional CFO heart palpitations. It's a bold rejection of the old playbook where treasuries just gathered dust in low-yield bonds.
BitMine isn't just betting on Ether's price. It's betting on the entire smart contract ecosystem to become the backbone of a new financial system—a direct challenge to the legacy gatekeepers who still think blockchain is a solution looking for a problem. One cynical finance jab? This probably did more for their balance sheet potential than any stock buyback approved by a committee in a mahogany-paneled room.
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.
TOM LEE JUST BOUGHT $150M ETH
Two fresh wallets just withdrew $92M of ETH from Kraken, and $58M from Bitgo, matching prior Bitmine purchase patterns.
Tom Lee is DCAing ETH. pic.twitter.com/uZxEnhVvzi
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.
