Bitmine bought another $150 million worth of Ethereum on Wednesday, sending the company’s stock soaring into double digits.
The investment comes on the heels of another major upgrade to the blockchain, its second enhancement this year, called Fusaka.
Helmed by Chairman Tom Lee and backed by Peter Thiel’s Founders Fund and Cathie Wood’s ARK, BitMine said on Monday that it is “accelerating its Ethereum accumulation” ahead of the upgrade to boost the $385 billion network.
BitMine’s Ether holdings now exceed 3% of the total token supply, with a stated target of 5%.
“We stepped up our weekly purchases of ETH by 39%,” Lee said.
Investors appear bullish on the company’s aggressive buying spree, as reflected in BMNR’s 15% rally in December.
The firm also plans to pay shareholders a year-end dividend on December 29, a rarity among crypto treasuries.
Ethereum has also rallied nearly 20% since its November lows, and is trading at around $3,200 at the time of reporting.
It still trades 35% below its all-time high set in August.
Wednesday’s haul comes just one week after BitMine deployed $200 million into the second-biggest crypto.
Exchange-traded funds also enjoyed $140 million in inflows on Wednesday, led by BlackRock’s ETHA, DefiLlama data shows.
In contrast, Bitcoin products saw $15 million in outflows.
Turning tide
BitMine’s accumulation comes as the Fusaka upgrade aligns with macroeconomic tailwinds.
“The crypto market has found its bearings again,” Lee said on Monday. “We are now more than seven weeks past the October 10 liquidation shock event.”
He expects the Federal Reserve to slash interest rates on December 10 as it finishes the quantitative tightening cycle.
Lower interest rates are usually good for risk-on assets like Ethereum because they disincentivise holding safe-haven bonds by reducing yields.
Several key Fed officials, including Governor Christopher Waller, New York Fed President John Williams, and San Francisco Fed President Mary Daly, have hinted in recent weeks that policy easing is coming.
The odds of a 0.25% cut in interest rates by the Fed in December now stand at 87%, according to the CME FedWatch tool. Bettors on Polymarket are even more optimistic at 94%.
BitMine also has more aces up its sleeve.
“We continue to make progress on our staking solution known as The Made in America Validator Network,” Lee said.
“This will be the ‘best-in-class’ solution offering secure staking infrastructure and will be deployed in early calendar 2026.”
Crypto market movers
- Bitcoin is up a most 0.4% over the past 24 hours, trading at $93,300.
- Ethereum jumped 4.6% on the day and is trading at $3,200.
What we’re reading
- Ethereum Fusaka upgrade goes live, bringing eightfold increase in ‘blob’ capacity — DL News
- Vanguard U-turn fuels Bitcoin price to $93,000 as analysts expect macro boost — DL News
- Why Wall Street Banks Need to Launch Their Own Stablecoins — Unchained
- Arthur Hayes’ Crypto Outlook: Why Markets Are Set to Rip Into 2026 — Milk Road
- Young people are so poor that they’re forced to invest in crypto, study says — DL News
Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email at lance@dlnews.com.
