Tom Lee's 'BitMine' buys 138,452 $ETH worth $435 million.

JUST IN: BitMine Immersion Technologies — led by Tom Lee — has purchased 138,452 ETH, equivalent to about US$435 million, in its latest accumulation round. This bold move boosts BitMine’s total crypto holdings significantly, reinforcing its position as one of the largest institutional holders of Ethereum (ETH) worldwide.

Tom Lee and his team cited several catalysts behind this surge: the recent Fusaka upgrade to the Ethereum network — implemented 3 December — which promises improved scalability, security and usability. Additionally, macroeconomic conditions appear favorable, with expectations of a loosening monetary policy by the Federal Reserve potentially supporting broader crypto market recovery.

The scale of the purchase (over 138,000 ETH in just a week) marks a dramatic acceleration compared to previous buying patterns — reportedly about 156 % more than the firm’s weekly average four weeks ago. In doing so, BitMine pushes further toward its longer-term target of controlling up to 5 % of Ethereum’s total supply.

In sum, this $435 million acquisition underlines BitMine’s growing conviction in Ethereum’s long-term potential, signaling confidence in both network upgrades and macroeconomic conditions that may favor a renewed bull cycle in crypto.