BitMine increased its ETH holdings by 96,798 coins last week, while Tom Lee expressed optimism about Ethereum's price performance in December.

On December 1, BitMine announced its total holdings of cryptocurrency, cash and "potential assets" have reached $12.1 billion as of 6:30 PM Eastern Time on November 30. The asset breakdown includes: - 3,726,499 Ethereum (ETH) - 192 Bitcoin (BTC) - $36 million in equity of Eightco Holdings (NASDAQ: ORBS) (a "potential asset") - $8.82 billion in unencumbered cash Thomas "Tom" Lee, Chairman of Fundstrat and BitMine, stated: "Over the past week, BitMine acquired an additional 96,798 ETH. Looking ahead to December, the Fusaka Upgrade (also called Fulu-Osaka) is set to go live on December 3, bringing upgrades to scalability, security and usability. The Federal Reserve is poised to take key December actions: ending quantitative tightening (QT) and expected to cut interest rates again on December 10. More than seven weeks have passed since the October 10 liquidation event, signaling the crypto market has regained its footing. Taking all this into account, we believe these factors will create a positive tailwind for ETH prices, so we’ve increased our weekly ETH purchase volume by 39%."