Bitmine Immersion, the U.S.-listed cryptocurrency investment firm, has aggressively expanded its Ethereum holdings, purchasing an additional $131 million worth of ETH in the final week of 2025. This latest acquisition brings the company's total December buying spree to a staggering $1.4 billion, underscoring a major accumulation strategy even as Ethereum's price remains under pressure, trading around $2,970—roughly 40% below its August all-time high of $4,950.
Led by former Wall Street strategist Tom Lee and backed by institutional investors like Founders Fund and ARK Invest, Bitmine now holds approximately 3.4% of Ethereum's circulating supply, valued at around $12 billion. The firm's stated goal is to reach a 5% stake. Lee frames this aggressive accumulation as part of a long-term "supercycle" for Ethereum, driven by fundamentals including two major technical upgrades this year, the selection of the Ethereum network by a major bank for its first tokenized money market fund, and the fact that corporate treasuries and ETFs now hold $20 billion worth of Ethereum.
Despite this bullish institutional narrative, Bitmine's own stock (BNMR) has faced severe headwinds, falling more than 50% since September and collapsing 82% since its peak in early July. This disconnect has drawn criticism, with Eurointelligence's Wolfgang Münchau labeling the strategy of borrowing to buy volatile assets as "downright stupid."
Remarkably, the stock's collapse has not deterred a key investor base. According to the Financial Times, South Korean retail investors have poured a net $1.4 billion into Bitmine stock in 2025, making it the country's second most-bought overseas stock, just behind Alphabet. These traders, known locally as "ants," have doubled down on the volatile asset, also funneling $566 million into a leveraged ETF designed to mirror BitMine's daily performance.
Lee attributes the current price weakness in crypto assets to seasonal tax-loss selling, which he says peaks between December 26 and 30, presenting a buying opportunity. For Bitmine, staking its massive ETH holdings represents a key monetization layer, with projected annual staking income estimated at $374 million, or over $1 million per day.
