Tom Lee

BitMine Immersion Technologies, the Ethereum-focused treasury vehicle associated with Tom Lee, said Thursday it has increased its share buyback authorization to $4 billion and completed an uplisting to the New York Stock Exchange. The moves are aimed at tightening supply and expanding access to institutional investors.

The Ethereum Foundation said it sold 5,000 ETH—about $10.2 million—to Tom Lee’s BitMine Immersion Technologies on Saturday. The move reduces the foundation’s on‑chain holdings while signaling institutional demand for ETH.

Ethereum rose about 4% over the past 24 hours to reclaim the $2,000 mark after BitMine — led by Tom Lee — disclosed a new ETH purchase that brings its treasury to roughly $9 billion. The move appears to have bolstered market sentiment following a weekend dip below $2,000.

BitMine bought 41,788 ETH last week, significantly expanding its treasury during recent market softness. The purchase arrives as Tom Lee publicly called a crypto market bottom, reinforcing accumulation narratives.

BitMine Immersion Technologies, led by Tom Lee, added 35,268 ETH to its treasury over the past week as staking on Ethereum climbed to a new all-time high. The move highlights growing institutional accumulation alongside rising network participation.

Tom Lee says Ethereum is becoming the backbone of future finance and is betting that real-world asset tokenization — not Bitcoin's halving cycle — will drive digital-asset growth over the next decade.

Recent purchases by Michael Saylor’s team and miner BitMine, together with renewed bullishness from Tom Lee, have eased fears these buyers were ‘tapped out’ after big BTC and ETH buys. The moves are supporting market confidence and suggest continued institutional demand.

On Nov. 16 Tom Lee said on X that Ether may be starting a ‘supercycle’ similar to Bitcoin’s post-2017 rally; critics argue the comparison overlooks key structural and regulatory differences. The comment adds bullish momentum to ETH sentiment but draws skepticism from some market observers.