Two wallets, allegedly linked with Tom Lee's BitMine Immersion Technologies, bought 48,049 ETH worth $140.6M, bringing total holdings up to 4 million tokens worth approximately $11.6 billion.
The acquisition reported by Coin Bureau coincided with JPMorgan Chase launching its first tokenized money-market fund on Ethereum.
If confirmed, BitMine now holds over 3% of Ethereum's circulating supply, cementing its position as the world's largest Ethereum treasury company.
What Happened
BitMine's latest $320 million purchase continues an aggressive accumulation strategy that began in June 2025.
The company has acquired nearly 4 million ETH in six months despite sitting on approximately $3 billion in unrealized losses.
Tom Lee, BitMine chairman and Fundstrat co-founder, defended the strategy by citing regulatory clarity and institutional support.
BitMine is targeting 5% of Ethereum's total supply, a goal it calls the "alchemy of 5%."
On December 15, JPMorgan launched MONY (My OnChain Net Yield Fund) on Ethereum, seeding it with $100 million from its asset management division.
The timing underscores growing institutional adoption of Ethereum-based financial products.
Read also: ARK Invest Buys $25.4 Million Coinbase, Bullish, Bitmine Shares As Crypto Stocks Drop
Why It Matters
BitMine's concentration of over 3% of ETH supply creates significant implications for liquidity and price dynamics.
The company faces $3 billion in unrealized losses as Ethereum trades 36% below its August 2025 record high.
Lee projects Ethereum could reach $7,000 by early 2026, with more ambitious targets of $20,000 based on institutional tokenization growth.
His most bullish scenario envisions $62,000 by mid-2026, assuming Bitcoin reaches $250,000 and Ethereum maintains a 0.25 ratio to Bitcoin's price.
Critics note achieving such levels would require over 1,900% gains from current prices around $3,000.
BitMine plans to launch The Made in America Validator Network in early 2026, potentially generating $400 million annually in staking revenue.
JPMorgan's MONY fund signals major institutions are moving traditional products onto public blockchains following U.S. regulatory developments.
BitMine shares (BMNR) have declined nearly 80% from their June peak of $161.
The aggressive accumulation represents a high-conviction bet on Ethereum's institutional finance role despite near-term volatility.
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