According to Cointelegraph, Bitmine Immersion, led by Fundstrat President Tom Lee, deposited 67,886 ETH worth about $201 million into its treasury on December 23, 2025. This new acquisition serves to reinforce the strategy used by Bitmine to buy Ethereum when the price is in a price consolidation phase, instead of following the bullish trend.
Following this acquisition, the total ETH held by Bitmine exceeded 4 million ETH, representing approximately 3.37 of Ethereum’s circulating supply. According to the company’s disclosures, the company has a long-term goal of dominating up to 5 percent of the total ETH supply, which will make Bitmine one of the most powerful institutional ETH holders.
Institutional conviction is high
The move underscores an institutional rise in trust towards Ethereum as an underlying platform for decentralized finance, tokenization and on-chain settlement. Bitmine’s reported $13.2 billion cryptocentric capital base gives the company the ability to grow when the market is in a downturn. Retail investors are discouraged from investing.
Bitmine made this acquisition when ETH was experiencing recent weakness, indicating that this is a conviction-based investment and not short-term speculation. Past Experiences In the past, this treasury-style binging of large institutions has been followed by periods of low circulating supply, which can increase as demand increases.
Mixed community reaction is a reflection of market psychology
Market responses are still divided. Supporters of the accumulation thesis cite the long-term Ethereum price targets provided by Tom Lee (some with drastic upside) as confirmation of the thesis. Growing critics cite conflicting accounts, such as the cautious short-term projections given to subscribers, which show the emotional nature that still characterizes crypto markets.
Keeping the liquid supply tight, millions of ETH are now locked up in long-term treasuries. Should institutional accumulation continue and staking participation expand, Ethereum may experience a structural supply reduction, meaning it becomes more sensitive to the next demand catalyst.
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