'Ethereum has already bottomed': Tom Lee's BitMine reportedly adds $112 million in ETH to treasury

BitMine, the Ethereum treasury firm led by Fundstrat co-founder Tom Lee, added $112 million worth of ETH to its holdings on Wednesday. 

According to EmberCN, citing data from Arkham, BitMine acquired 33,504 ETH through FalconX on Wednesday. This transaction, however, has not been officially confirmed by BitMine. 

The world's largest Ethereum treasury company has maintained a consistent pattern of buying ETH throughout this year. The company has reiterated its goal of accumulating 5% of the total ether supply and its commitment to Ethereum's growing role in the financial market.

BitMine's latest 8-K filing shows that, as of Dec. 7, the firm held 3,864,951 ETH, along with 193 BTC, $1 billion in cash, and a $36 million "moonshot" stake in Eightco Holding, a Nasdaq-listed treasury company focused on Worldcoin's WLD token.

The firm's chairman has remained committed to a bullish outlook for Ethereum and the broader cryptocurrency market. Last month, Lee called Ethereum's bottom to be $2,500 and predicted that it would rise to a range between $7,000 and $9,000 by the end of January. 

"BitMine believes Ethereum's already bottomed," Lee said in a more recent appearance on podcast Farokh Radio. "Compared to two weeks ago, the amount of ETH we're buying has doubled."

On Wednesday, the Federal Reserve delivered a 25-basis-point interest rate cut. However, Fed Chair Jerome Powell suggested that further deductions remain uncertain. Following this "hawkish cut," bitcoin and ether dipped, contrary to the rising equities market.

In an interview with CNBC prior to Powell's comment, Lee predicted that crypto prices would reverse in early 2026 even if the Fed remains hawkish this month. He attributed the potential shift to two key drivers: the arrival of a new Fed Chair moving the central bank to a more dovish tone, and the recent rise of the Institute for Supply Management (ISM) Index above 50, signaling expansion across U.S. sectors.

"Crypto prices are really sensitive to the ISM," Lee said. "The ISM moving back above 50 has historically been associated with super cycle moves in Bitcoin and Ethereum."

According to The Block's price page, bitcoin is trading at $90,028, down 2.82% in the past day, while ether is down 4.29% at $3,186.