BitMine Immersion Technologies has boosted its Ethereum holdings by over $265 million, signaling bullish confidence ahead of the highly anticipated Fusaka network upgrade.
Key Takeaways
- BitMine purchased 96,798 ETH last week, increasing its total Ethereum holdings to 3.73 million tokens, worth approximately $10.5 billion.
- The move comes despite a sharp crypto market downturn, with Ethereum prices falling nearly 10% in 24 hours and BitMine’s stock dropping by 12%.
- BitMine Chairman Tom Lee cited the upcoming Fusaka upgrade on December 3 and stabilizing market conditions as reasons for accelerating purchases.
- With this latest acquisition, BitMine now controls over 3% of Ethereum’s total supply, making it the largest ETH treasury holder globally.
What Happened?
BitMine Immersion Technologies made headlines after acquiring 96,798 ETH in a single week, defying broader market trends where most crypto treasuries were either holding back or selling assets. Despite Ethereum’s price sliding to around $2,745 and BitMine’s stock falling to $29.10, the firm increased its ETH portfolio to a staggering 3.73 million tokens.
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— Bitmine (NYSE-BMNR) $ETH (@BitMNR) December 1, 2025
BitMine provided its latest holdings update for Dec 1st, 2025:
$12.1 billion in total crypto + “moonshots”:
-3,726,499 ETH at $3,008 per ETH (@coinbase)
– 192 Bitcoin (BTC)
– $36 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”) and
– unencumbered cash of $882…
BitMine Expands Ethereum Holdings
While most digital asset treasuries have scaled back purchases due to market volatility, BitMine has ramped up. The firm now holds over $10.5 billion worth of ETH, bolstered by additional assets including:
- 192 Bitcoin, valued near $16 million.
- $882 million in unencumbered cash.
- A $36 million stake in Eightco Holdings.
In total, BitMine’s crypto and cash holdings top $12.1 billion. The company’s aggressive strategy makes it a standout in the sector, where peers like Strategy Inc. have opted to create cash reserves or even consider asset sales during downturns.
Fusaka Upgrade Sparks Strategic Accumulation
BitMine’s timing is no coincidence. Chairman Tom Lee pointed to the upcoming Fusaka upgrade (also referred to as Fulu-Osaka), scheduled for December 3, as a key motivator. The upgrade is expected to boost Ethereum’s scalability, security, and overall network performance.
Lee explained:
Lee also highlighted macroeconomic signals from the Federal Reserve, which is expected to end quantitative tightening and lower interest rates on December 10, as additional drivers behind BitMine’s bullish stance.
BitMine’s Growing Influence in Crypto Finance
BitMine is not only the largest holder of Ethereum among treasuries but also the second-largest global crypto treasury, trailing only Strategy Inc. in total asset value. BitMine now owns more than 3% of the total ETH supply, edging closer to its stated goal of acquiring 5%.
The company is also developing its own Ethereum staking infrastructure called the Made in America Validator Network (MAVAN), slated for launch in early 2026. This system aims to offer secure and high-performance staking solutions, reinforcing BitMine’s long-term commitment to Ethereum.
BitMine’s strong support from prominent investors such as ARK’s Cathie Wood, Pantera, Kraken, DCG, Galaxy Digital, and Thomas Lee himself further strengthens its standing in the industry.
CoinLaw’s Takeaway
I’m really impressed by BitMine’s confidence in Ethereum when others are clearly playing defense. In my experience, bold moves like this often define who leads when the market rebounds. While most companies are cautiously hoarding cash, BitMine is doubling down on conviction. The timing around the Fusaka upgrade and macroeconomic shifts makes this play more than just a gamble. They’re not just holding ETH. They’re actively building infrastructure with MAVAN and aiming for deeper dominance. If ETH delivers on its upgrade promises, BitMine could come out miles ahead.
