A hole retaining device to preserve an ice fishing hole comprising a cylinder, where the cylinder extends between an open rim and a closed bottom, and where the cylinder houses a fire ignited to melt ice surround the hole retaining device; a handle attached to the rim, where the handle serves to lift the cylinder; and a bait container attached to the bottom of the cylinder, where the bait container houses bait for ice fishing. The hole retaining device features a tapered cylinder to easily remove the device from the fishing hole.