BitMine buys $112 million in ETH as expectations of an Ethereum price reversal grow

BitMine remains the largest corporate holder of ETH. As of December 7, the company’s total balance stood at 3,864,951 ETH, along with 193 BTC, $1 billion in cash, and stakes in several infrastructure projects. The company has repeatedly stated its goal of accumulating up to 5% of Ethereum’s total supply.

The purchase coincided with new remarks from Tom Lee, head of Fundstrat and chairman of BitMine’s board. He reiterated that Ethereum has already reached a local bottom. According to Lee, the market is underestimating the network’s fundamentals, and the correction remains typical for the late stage of a cycle. He previously pointed to $2,500 as the lower bound and forecast ETH rising to $7,000–$9,000 in early 2026. He added that BitMine’s ETH buying volume has doubled compared with mid-month.

Market reaction remains cautious. The Ethereum price has fallen to $3,186 — down 4.29% over the past 24 hours. Investors viewed the latest Fed comments as more hawkish than expected, adding pressure to crypto assets after the central bank cut rates by 25 bps.

Still, BitMine continues buying ETH on the dip, making its activity a key sentiment indicator among institutional players. Investors see large purchases as a sign of conviction: the company is not trimming its holdings despite falling prices and is expanding its treasury position regardless of short-term market moves.

Lee remains convinced that a decisive Ethereum price reversal will occur in early 2026 — a period he expects to coincide with potential changes at the Fed and an ISM reading above 50. Historically, such conditions have accompanied major crypto rallies.