BitMine increases Ethereum holdings by $112 million, Tom Lee says ETH has bottomed out and will experience a strong rebound

Led by Fundstrat co-founder Tom Lee, Ethereum vault company BitMine is once again increasing its bet on Ethereum. According to Arkham data cited by EmberCN, BitMine purchased 33,504 ETH through FalconX on Wednesday, with a total value of approximately $112 million. Although the company has not officially confirmed the transaction, its recent pace of accumulation aligns with its established strategy.

BitMine is one of the largest Ethereum vault institutions globally, continuously expanding its holdings this year and reaffirming its long-term goal — holding 5% of the total ETH supply. According to its latest 8-K filing, as of December 7, BitMine holds 3,864,951 ETH, 193 BTC, $1 billion in cash, and $36 million in Eightco Holding shares (the company related to the Worldcoin WLD token).

Tom Lee has been long-term bullish on Ethereum. Last month, he predicted the ETH market bottom at $2,500 and forecasted a rebound to the $7,000–$9,000 range by the end of January 2025. Recently, on the Farokh Radio podcast, Lee further emphasized: “We believe Ethereum has bottomed out; compared to two weeks ago, the amount of ETH we’ve purchased has doubled.”

On the macro front, the Federal Reserve announced a 25 basis point rate cut on Wednesday, but Chairman Powell’s hawkish signals caused market unease, leading to divergence between cryptocurrencies and equities. Bitcoin and Ethereum both declined, with ETH currently at $3,186, down 4.29% over 24 hours.

Before Powell’s speech, Tom Lee told CNBC that even if the Federal Reserve maintains a hawkish stance, the crypto market will trend reversal in early 2026. He believes two factors are crucial: first, the new Fed chair’s appointment will bring more dovish policies; second, the US ISM index returning above 50 indicates economic expansion, and historically, an ISM rebound usually corresponds with cryptocurrencies entering a “super cycle.”

Currently, Bitcoin is trading at $90,028, down 2.82% over 24 hours; Ethereum has fallen more sharply. However, institutional accumulation and macro indicators’ improvement provide potential support for ETH’s medium- and long-term trend. (The Block)