BitMine Buys 33,504 ETH as Tom Lee Predicts Major Ethereum Upside

Highlights:

• BitMine bought 33,504 ETH, raising total holdings to 3.86 million ETH.
• Chairman Tom Lee expects Ethereum to reach $7,000 by early 2026.
• Ethereum price dropped 3.5% after the Fed rate cut, but institutional interest remains strong.

Ethereum-focused treasury firm BitMine purchased 33,504 ETH worth $112 million from institutional trading desk FalconX, according to on-chain intelligence firm EmberCN. The purchase raises BitMine’s total Ethereum holdings to about 3.86 million ETH, which represents roughly 3.2% of the circulating supply, according to StrategicETHReserve.

Tom Lee(@fundstrat)'s #Bitmine just bought another 33,504 $ETH($112.06M) over the past 6 hours.https://t.co/EDHtiwjyaohttps://t.co/adab0TBF5P pic.twitter.com/E7XJTejGZb

— Lookonchain (@lookonchain) December 11, 2025

BitMine Continues Ethereum Accumulation Amid Market Uncertainty

This purchase reflects the company’s consistent strategy of increasing its Ethereum holdings despite market uncertainties in recent weeks. Last month, company Chairman and Fundstrat Global Advisors Chief Investment Officer Tom Lee stated that Ethereum has reached a point that would be considered a bottom. He projected the asset could climb to $7,000 by early 2026, signaling confidence in its recovery and long-term growth potential.

Lee compared Ethereum’s current situation to Bitcoin’s rise from $1,000 to over $100,000 after his firm recommended it in 2017. He mentioned that Bitcoin faced several 75% drops before rewarding patient investors.

JUST IN: Tom Lee Says #Ethereum Will Bottom This Week pic.twitter.com/7JH6gggYjQ

— Altcoin Daily (@AltcoinDaily) November 17, 2025

Recently, Lee expressed confidence in an interview on Farokh Radio. He said Ethereum might follow a cycle similar to Bitcoin. He said the current weakness reflects temporary doubt, not a true drop in value. Lee also highlighted growing Wall Street adoption of blockchain, mentioning BlackRock CEO Larry Fink’s plans to tokenize assets on Ethereum. He added that Ethereum provides a reliable platform for tokenizing stocks, bonds, and real estate.

Lee said Ethereum could be worth quadrillions, much more than Bitcoin. This shows its value for financial institutions. BitMine bought more ETH in December, around $70 million. Some losses remain at $3,008 per ETH. The firm reached 62% of its goal to hold 5% of all Ethereum. On December 11, Ethereum dropped 4% below $3,168 after the Federal Reserve cut interest rates. Analysts expect short-term swings of 9–16%, but institutional interest in Ethereum remains strong.

Among all major crypto treasuries, BitMine sits just behind industry giant Strategy, which controls more than $61 billion in Bitcoin. BitMine itself holds 193 Bitcoin worth around $18 million, along with a cash reserve of about $1 billion.

Price Signals and Institutional Moves Highlight Ethereum’s Potential Upside

Crypto analyst Ardi saw a “Bullish Divergence” on Ethereum using his Divergence Superstack indicator. This signal appeared for the first time in a month. It has often predicted 9–16% price moves up or down.

Past examples include a September 20 drop from $4,540 to $3,800, an October 1 rise from $4,000 to $4,770, and a November 6 fall from $3,450 to $3,140. These show the indicator’s ability to capture market swings. Ardi closed all his $ETH shorts. He said there could be some short-term pain, but trusts his Divergence Superstack strategy after big gains.

Closed all my $ETH shorts. 🎯

There's potential for a little more pain, but I'm not fading my trusty Divergence Superstacker when I'm up triple digit gains.

ETH/BTC is also up 13% over the last week.

Probably doesn't see as much hurt as Bitcoin, if there's more to come. https://t.co/WgU1EbCTDw pic.twitter.com/Mj0yviQKFq

— Ardi (@ArdiNSC) December 11, 2025

Amid Ethereum’s current price movement, a BitcoinOG whale named “1011short” increased its ETH long position to 120,094 ETH, worth $392.5 million. The position has a liquidation price of $2,234.69, which reflects a high degree of leverage and a belief in Ethereum’s potential. Simultaneously, flows into spot Ethereum ETFs continue to be strong. Farside Investors data reflects that total inflows this week alone are over $250 million.