Ethereum Treasury Firm BitMine Adds $150M in ETH While DAT Buying Collapses 81%

• BitMine increased its ETH holdings by over $150 million in new purchases.
• Onchain data reveals consistent accumulation via BitGo, Kraken, and FalconX.

BitMine increased its Ethereum holdings again this week, with another $150 million of purchases as the firm ramped up its accumulation strategy. Onchain data from Arkham indicated that huge inflows were channelled through BitGo and Kraken, although the firm has not formally confirmed the activity. The wallet attributed to BitMine acquired 18,345 ETH via BitGo and 30,278 ETH via Kraken, reinforcing a pattern of consistent buying. 

Bitmine Expanding Treasury Strategy

BitMine’s recent activity indicates that the company is keeping up an aggressive buying pace in multiple venues. On Tuesday, the company reportedly purchased more than 7,000 ETH on FalconX, adding nearly $19.8 million in exposure. Lookonchain added further context on Wednesday by identifying a freshly created wallet that withdrew another 30,278 ETH from Kraken, a move that analysts suggested could be tied to BitMine Immersion.

Over the weekend, it secured an additional 16,693 ETH valued at about $50.1 million. Combined, those transactions totaled 23,773 ETH worth roughly $70 million. A Monday disclosure from the company confirmed that it bought 96,798 ETH last week for $375.18 million at an average cost of roughly $3,874 per token. Lee has described the accumulation as strategic, citing Ethereum’s growing role in settlement systems, tokenized markets, and financial-services tooling. 

The treasury build aligns with Lee’s long-standing target of accumulating 5% of Ethereum’s total supply. Other digital-asset treasuries have slowed their pace, with Bitwise data showing that Ethereum DATs bought around 370,000 ETH in November, an 81% decline from August’s 1.97 million ETH peak.

Bitwise senior research associate Max Shannon said the reversal was expected after the companies began piling up on Ethereum in the middle of the altcoin season in mid-year. This was when most coins were hitting yearly highs. “Treasuries were this cycle’s version of an altseason, and the same pattern is now playing out, similar to previous cycles,” he said.

Ethereum Market Catalysts Build

Tom Lee continues to argue that Ethereum’s medium-term setup remains favorable. His latest commentary highlighted several potential catalysts, including the Fusaka upgrade that activated earlier today and the Federal Reserve’s expected end to quantitative tightening. He has pointed to both developments as justification for stepping up accumulation, saying they strengthen Ethereum’s position in financial market infrastructure.

His near-term price expectations remain bullish. In recent comments, Lee projected that Ethereum could rise toward the $7,000 to $9,000 range by the end of January 2026. Ethereum traded at $3,192 on Thursday morning, up 5.7% over the past 24 hours. 

During the same period, the asset rose from a low of $3,034.76 to a high of $3,238.56, encountering resistance near $3,250. It currently trades above the 100-hourly Simple Moving Average and above the 23.6% Fibonacci retracement level of the move from $2,718 to $3,239.

Spot ETF flows in the United States added another notable element to the week’s market tone. Ether ETFs logged $140.2 million in net inflows on Wednesday, representing one of the strongest sessions since launch. XRP ETFs also experienced positive inflows of approximately $50.27 million. Bitcoin ETFs recorded $14.9 million in net flows, while Solana ETFs ended the day at around $32.19 million.