Tom Lee’s Bitmine goes on an Ethereum buying spree as ETH-based investment products see their first inflows after seven back-to-back outflows.
By Wahid Pessarlay
Editor Julia Sakovich
Updated
2 mins read
The Ethereum ETH $2 963 24h volatility: 2.5% Market cap: $357.53 B Vol. 24h: $22.01 B treasury company Bitmine Immersion, led by Fundstrat Capital’s CIO Tom Lee, has been accumulating the leading altcoin amid market consolidation.
Bitmine purchased 29,462 ETH on Tuesday, Dec. 23, according to data from Lookonchain.
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
On Dec. 22, the Ethereum treasury firm accumulated another 13,412 ETH. The 42,874 ETH purchase, worth roughly $128.7 million, in the past two days brings Bitmine’s total holding to over 4.06 million ETH tokens.
Bitmine has been heavily buying ETH over the past month. The company accumulated 138,452 ETH within the first week of December alone.
Currently, Bitmine’s total crypto and cash holdings are worth more than $13.2 billion, according to the company’s official press release on Monday, Dec. 22.
The crypto market, including the leading assets, has been seeing high volatility over the past two weeks.
Ethereum fell from its local high of $3,400 on Dec. 10 to $2,780 on Dec. 18. The leading altcoin recorded mild gains to break the $3,000 mark on Dec. 22 but is down 2.2% in the past 24 hours again.
ETH is currently trading at $2,960 despite the massive buying spree from Bitmine.
On the other hand, spot ETH exchange-traded funds in the US recorded their first inflows after seven consecutive outflows. These ETFs registered a net inflow of $84.6 million on Dec. 22, solely coming from Grayscale’s ETHE and ETH funds, according to data from Farside.
ETH ETF inflows come while spot Bitcoin BTC $87 440 24h volatility: 2.5% Market cap: $1.75 T Vol. 24h: $48.54 B ETFs recorded another $142.2 million in net outflows on the same day.
The institutional uncertainty has been triggering FUD among retail investors. Coinspeaker reported that “wholecoiner” selloffs have been consistently declining over the past year, which means that smaller wallets have been selling more than whales.
Despite the negative sentiment from retail investors, Bitmine’s chairman believes that the crypto bottom is in and predicted that Ethereum could reach $62,000. Notable industry analysts have already questioned this prediction.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
