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- BitMine accumulated another 28,625 ETH worth over $82 million.
- The latest purchase strengthens BitMine’s goal of expanding ETH holdings.
On-chain data revealed that Thomas Lee’s firm, BitMine, has snapped up 28,625 ETH, a haul valued at roughly $82 million, according to Lookonchain’s tracking.
This purchase was made relatively quietly, but it has nonetheless sparked discussion among analysts because it occurred at a time when the market is still moving cautiously. Few companies would dare to increase their Ethereum holdings at a time like this, making BitMine’s transaction stand out, even though the company has not issued any statement.
Tom Lee(@fundstrat)'s #Bitmine just bought another 28,625 $ETH($82.11M).https://t.co/F6dECpuvcehttps://t.co/PzMN7EecRW pic.twitter.com/55tlnA1MEs
— Lookonchain (@lookonchain) November 24, 2025
A Strategic Pivot for BitMine
Furthermore, this large purchase further underscores BitMine’s shift in strategy over the past two years. The company, formerly known as a Bitcoin miner, began its shift in 2025, when management decided that Ethereum was more suitable for its treasury purposes.
Interestingly, we previously reported that JPMorgan officially purchased $102 million worth of BitMine shares, a move that itself confirms the interest of large institutions in a company that is increasingly establishing a strong presence in the Ethereum ecosystem.
Many observers believe that this kind of support could give BitMine more room to continue adding ETH to its balance sheet. Furthermore, JPMorgan is known as a major bank that has been quite vocal in promoting the use of digital assets in the global financial sector.
BitMine made its $82 million move at a moment when the market hadn’t fully shaken off the ups and downs of the past couple of weeks.
However, some market participants see BitMine’s move as a kind of indicator of long-term direction, especially since they are not a company accustomed to speculative transactions.
Growing Corporate Interest in Ethereum
Last September, an advocacy organization called Etherealize secured $40 million in funding, which it plans to use to build Ethereum-based tokenization infrastructure. They are also expanding ETH education for Wall Street investors, a move that stands in stark contrast to the traditional approach of being slow to embrace new technologies.
Meanwhile, a wave of corporate accumulation is also becoming increasingly apparent. At that time, several public companies reportedly added $1.2 billion in ETH to their coffers. The largest portion came from The Ether Machine, which purchased $654 million worth of ETH.
Meanwhile, as of press time, ETH is changing hands at about $2,890, up 3.54% over the last 24 hours.
