Tom Lee’s Christmas List: Just One Thing... More Ethereum
Tom Lee’s BitMine Just Dropped $435 Million on Ethereum While Everyone Else Was Panicking
In a move that has Wall Street and crypto Twitter buzzing without needing a single meme, BitMine Immersion Technologies, the NYSE-listed company chaired by Fundstrat’s Tom Lee, quietly scooped up 138,452 ETH last week for roughly $435 million. At an average price hovering around $3,140, this single purchase ranks as BitMine’s most aggressive weekly accumulation since early autumn and pushes their corporate treasury to a staggering new milestone.
As of the latest regulatory filing released on December 8, BitMine now holds 3,864,951 Ethereum, representing more than 3.2 percent of the entire circulating supply. When valued at current prices near $3,150, that Ethereum stack alone is worth approximately $12.2 billion. Add in a modest 193 Bitcoin, a billion dollars in cash, and a small equity position in Eightco Holdings, and BitMine’s total digital-asset war chest now exceeds $13.2 billion. For perspective, only MicroStrategy’s Bitcoin hoard is larger among publicly traded companies.
The timing is hardly accidental. Ethereum has spent most of the fourth quarter under pressure, trading well off its summer highs and battling persistent exchange inflows and ETF outflows. Yet Lee, ever the contrarian optimist, appears to be treating the dip as a generational buying opportunity. In his December Chairman’s Letter titled “The Crypto Supercycle is Intact,” he argued that the recent Fusaka upgrade, successfully activated last week, marks a structural turning point for Ethereum’s scalability and security, likening it to the seismic shift when the world abandoned the gold standard in 1971.

