BitMine Acquires $112 Million in Ethereum

BitMine expands Ethereum reserves with $112 million purchase.

Under the leadership of Tom Lee, BitMine has expanded its reserves in the second-largest cryptocurrency by market capitalization. The firm acquired 33,504 ETH, amounting to $112 million.

以太坊最大的财库公司 Bitmine (BMNR) 在今天继续增持了 ETH：
2 小时前从 FalconX 收到 33,504 枚 ETH ($1.12 亿)。https://t.co/sNppPBbryahttps://t.co/ri4wFIIplF

———————————————————
本文由 @Bitget 赞助｜Bitget VIP，费率更低，福利更狠 https://t.co/hW56FtkYaZ pic.twitter.com/o0kjD4LyjK

— 余烬 (@EmberCN) December 11, 2025

The large transaction was reported by analysts at EmberCN, citing data from the Arkham platform. The deal was executed through institutional broker FalconX.

BitMine representatives have yet to officially confirm the purchase.

The company adheres to a strategy of accumulating 5% of the market supply of ether.

According to the 8-K form report dated December 7, BitMine held 3,864,951 ETH, 193 BTC, and $1 billion in cash. The firm also owns a stake in Eightco Holding valued at $36 million.

In a Farokh Radio podcast, Lee mentioned doubling the volume of cryptocurrency purchases compared to two weeks prior.

The transaction occurred amid the decision of the Fed to reduce the key rate by 25 basis points for the third consecutive time, bringing it to 3.5-3.75%. The cryptocurrency market reacted with high volatility.

Lee anticipates a sustained price reversal at the beginning of 2026. Key factors will include the change of the Fed chair and an increase in the business activity index above 50 points. Historically, this indicator entering the growth zone has signaled the start of a supercycle for digital assets.

At the time of writing, Bitcoin is trading around $90,000, and Ethereum is priced at $3,195, according to CoinGecko.

Bitcoin Accumulation by Public Companies

In 2025, 117 new companies added Bitcoin to their reserves, yet the overall trend of adopting the first cryptocurrency is losing momentum, according to CryptoQuant analysts.

Bitcoin Treasury Growth is losing momentum.

117 new companies added BTC to their treasuries in 2025, but the pace is slowing.

Let’s dive into it 🧵👇 pic.twitter.com/6yAClIwFb1

— CryptoQuant.com (@cryptoquant_com) December 11, 2025

The peak of new entrants occurred in July. By the end of the year, statistics show a sharp decline:

• Q1 — 16 companies;
• Q2 — 39;
• Q3 — 53;
• Q4 — 9 (to date).

Most corporate holders possess relatively small amounts of digital assets: 147 firms hold less than 500 BTC.

The range of 500 to 999 BTC includes 15 companies, 1,000 to 1,499 BTC — 14 participants. Only four organizations have accumulated between 1,500 and 2,000 BTC.

Strategy remains the absolute leader with reserves of 660,624 BTC. This year, the company invested $21.48 billion in Bitcoin, nearly matching its 2024 purchase volume of $21.97 billion.

Other major players are showing reduced buying pressure. BitMine has cut its monthly purchases from a peak of $4.3 billion in August to $296 million in December. Japanese Metaplanet has not replenished its reserves for over two months, and Evernorth has been inactive for a month and a half following a one-time purchase of $950 million.

Experts noted a cooling of the “corporate boom” observed in mid-year.

Adam Back’s Perspective

The industry is at a “very early stage” of adopting the first cryptocurrency, and in the future, every business will use digital gold as a hedge against inflation. This view was expressed by Blockstream CEO Adam Back in an interview with Yahoo Finance.

According to him, the market is experiencing the start of a bull cycle. The asset will continue to grow as major players enter the space.

“Public companies took time to follow the example of Michael Saylor and Strategy, but this year activity has increased. Giants like Tesla already have large positions. Ultimately, all firms will become Bitcoin treasuries to some extent, as it is a long-term hedge against inflation,” Back stated.

Addressing concerns that such entities accumulate too many coins, the head of Blockstream offered this advice:

“Buy more yourself.”

Commenting on the current market situation, the expert noted that the correction is caused by “structural issues,” macroeconomic news, and high leverage.

Despite the correction, institutional demand remains. Back pointed to the activity of banks, sovereign funds, and investors, urging critics to “zoom out” when analyzing the chart.

The developer himself leads the Bitcoin Standard Treasury Company. The firm plans to go public through a merger with a SPAC led by Cantor Fitzgerald chairman Brandon Lütknik.

The volume of Ethereum held on centralized exchanges has decreased to 8.7% of the total supply (~16.6 million ETH).