BitMine Immersion Technologies purchased 33,504 cryptocurrency tokens valued at approximately $112 million.
The acquisition came through institutional prime broker FalconX, according to blockchain analytics firm EmberCN.
The purchase reinforces the treasury company's aggressive accumulation strategy as it targets 5% of Ethereum's total supply.
BitMine now holds approximately 3.86 million ETH, worth roughly $12 billion, making it the world's largest Ethereum treasury firm.
The company also maintains 193 Bitcoin, $1 billion in cash, and a $36 million stake in Eightco Holdings.
What Happened
Chairman Tom Lee recently stated Ethereum has reached its price floor.
"BitMine believes Ethereum has already bottomed," Lee said during an interview with Farokh Radio.
"Compared to two weeks ago, the amount of ETH we're buying has more than doubled."
The firm acquired 138,452 ETH last week, marking its largest purchase since October when it added over 200,000 tokens.
BitMine has maintained consistent buying throughout 2024 despite market volatility.
Lee previously predicted Ethereum could reach $7,000 to $9,000 by the end of January 2026.
The Federal Reserve delivered a 25-basis-point interest rate cut on December 18.
However, Fed Chair Jerome Powell signaled fewer rate reductions ahead, delivering what analysts called a "hawkish cut."
Cryptocurrency markets declined following Powell's comments, contrary to gains seen in traditional equities.
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Why It Matters
Lee predicts the cryptocurrency market will reverse course in early 2026 even if the Federal Reserve maintains a restrictive stance this month.
He told CNBC the shift will be driven by two key factors: a potential new Fed chair adopting a more dovish tone and the ISM Manufacturing Index rising above 50.
"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."
The ISM index has remained below 50 for 36 consecutive months, an unprecedented duration that Lee believes sets the stage for a sharp rebound.
Lee's treasury strategy mirrors Michael Saylor's approach with Strategy (formerly MicroStrategy), which transformed a software company into a Bitcoin treasury holding over $60 billion in BTC.
BitMine trails only Strategy as the second-largest cryptocurrency treasury company globally.
Bitcoin traded at $90,028 on Wednesday, down 2.82% in the past day.
Ethereum fell 4.29% to $3,186.
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