BitMine Ramps Up Ethereum Purchases Amid Optimism Over Network Upgrades, Macro Policy

Chairman Thomas "Tom" Lee stated that the acceleration reinforces BitMine's belief that ETH prices are poised to rise in the coming months.​

• BitMine Immersion Technologies announced the purchase of 138,452 Ethereum (ETH), bringing its total to 3,864,951 ETH.
• Chairman Tom Lee noted that the recent buying pace increased by 156% compared to the previous weekly acquisition of 54,156 ETH.
• Lee believes tokenization of financial assets would make 2026 a good year for digital assets.

BitMine Immersion Technologies, Inc. (BMNR) announced on Monday that it had bought 138,452 Ethereum (ETH) over the weekend, resulting in a total of 3,864,951 ETH now held by the company.​

Additionally, the firm has 193 BTC, $1 billion in cash reserves, and $36 million in speculative equity positions. When combined with these previous amounts, BitMine's total asset value is approximately $13.2 billion, making it one of the largest and best-capitalized miners in the industry.​

Acquisition Rate

According to Chairman Thomas "Tom" Lee, the company's latest purchase speed marks a 156% rise over the weekly acquisition rate of 54,156 ETH four weeks ago, in the week of November 17. Lee stated that the acceleration reinforces BitMine's belief that ETH prices are poised to rise in the coming months.​

Lee noted that the Fusaka (or Fulu-Osaka) upgrade, enabled on December 3, represents many of the catalysts for improvements in Ethereum's scalability, security, and usability. Additionally, Lee provided an overview of future macroeconomic indicators, including the U.S. Federal Reserve's end of quantitative tightening (QT) and the expected rate cut as indicators of Ethereum’s markup.​

Ethereum was trading at $3,118.41, up nearly 5% over the last day. On Stocktwits, retail sentiment around ETH is mildly ‘bullish’ with message volume at ‘neutral’. On the other hand, BMNR is trading at $34.38, up 0.97% on the day, after bouncing from an intraday low of $33.80. 

Tom Lee’s Crypto Market Prediction

Lee also noted that markets are more than 8 weeks away from the October 10 “liquidation shock,” allowing crypto to trade on future fundamentals. 

Lee noted that 2026 might be a good year for digital assets because there is a lot of room for growth, given the current level of acceptance, as Wall Street is about to start tokenizing financial assets on blockchain rails. 

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