Tom Lee’s Bitmine Adds $88M in ETH as Spot Ethereum ETFs Snap Outflow Streak

Bitmine Immersion Technologies, the Ethereum treasury firm chaired by Fundstrat’s Tom Lee, continued its aggressive accumulation on December 23, purchasing another large batch of ETH amid renewed inflows into U.S. spot Ethereum ETFs.

Key Highlights

• Bitmine acquired 29,462 ETH on December 23, following 13,412 ETH the previous day—totaling over $128 million in just two days.
• The company now holds more than 4.06 million ETH.
• U.S. spot ETH ETFs recorded $84.6 million in net inflows on December 22, ending a seven-week outflow streak.

(Sources: X)

Bitmine’s Ongoing Ethereum Accumulation

On-chain data from Lookonchain shows that Bitmine scooped up 29,462 ETH on Tuesday, December 23, after adding 13,412 ETH on December 22. Combined, these purchases amount to approximately $128.7 million and push Bitmine’s total ETH holdings above 4.06 million tokens.

The firm has maintained a steady buying rhythm throughout December, accumulating 138,452 ETH in the first week of the month alone. According to a company press release on December 22, Bitmine’s combined crypto and cash reserves now exceed $13.2 billion.

Despite the substantial institutional buying, ETH failed to hold above $3,000. After briefly reclaiming the level on December 22, the price retreated and is currently trading near $2,963—down 2.2% over the past 24 hours.

Ethereum ETFs Record First Inflows in Weeks

U.S. spot Ethereum ETFs broke a seven-week outflow streak on December 22, posting net inflows of $84.6 million—entirely driven by Grayscale’s ETHE and ETH products, per Farside Investors data.

This positive development contrasted sharply with Bitcoin ETFs, which saw $142.2 million in net outflows on the same day.

Bitmine ETH Accumulation Summary (Recent Activity)

Market Context and Outlook

Ethereum has endured heightened volatility in recent weeks, dropping from a local high of $3,400 on December 10 to $2,780 on December 18 before a brief recovery. Retail sentiment remains fragile, with reports indicating increased selling from smaller holders compared to whales.

Bitmine chairman Tom Lee remains strongly bullish, asserting that the crypto market bottom is in and forecasting Ethereum could eventually reach $62,000—a prediction that has drawn skepticism from some analysts.

Ethereum ETFs & Bitmine Activity FAQ

How much ETH has Bitmine bought in the last two days? Approximately 42,874 ETH worth over $128 million (13,412 ETH on Dec 22 + 29,462 ETH on Dec 23).

What is Bitmine’s current ETH holding? More than 4.06 million ETH tokens.

Did Ethereum ETFs finally see inflows? Yes—$84.6 million in net inflows on December 22, ending seven consecutive weeks of outflows. All inflows came from Grayscale products.

How did Bitcoin ETFs perform on the same day? They recorded $142.2 million in net outflows.

Why is ETH price still below $3,000 despite these buys? Broader market volatility, retail selling pressure, and macroeconomic uncertainty have outweighed the institutional accumulation so far.

What is Tom Lee’s price target for Ethereum? He has predicted ETH could reach $62,000 in the long term, believing the market bottom is already in.

What are Bitmine’s total crypto and cash reserves? Over $13.2 billion, as per the company’s December 22 press release.