A combination aeration and fishing hole deicing apparatus has a housing that is substantially egg-shaped, buoyant, and weighted with its contents towards the bottom of the housing, such that, when placed in water, the apparatus floats with a portion of the housing being submerged below the waterline. The egg shape of the housing promotes axial precession, or wobbling of the housing about its vertical axis while in operation. The egg-shape of the housing and precession promote relatively random lateral movement of the housing within the water in which it is placed, thereby serving to preclude an ice fishing hole in which the apparatus is placed from freezing shut. The apparatus may alternatively be placed in a bait bucket, aerating the surrounding water to aid in keeping bait fish alive until needed.
