Key Highlights
- BitMine now holds 3.86M ETH, representing more than 3.2% of the supply.
- Chairman Tom Lee cites the Fusaka upgrade and macro shifts as catalysts for higher ETH.
- BitMine shares remain volatile as crypto prices pressure treasury-heavy firms.
BitMine Immersion Technologies announced on December 8 that its Ethereum (ETH) holdings have exceeded 3.86 million tokens following a recent purchase of over 138K ETH, making it the largest Ethereum treasury globally. The Las Vegas–based firm, led by Chairman Tom Lee, now controls approximately $13.2 billion in crypto, cash, and equity stakes.
As per the latest release, the company has accelerated purchases since November and now holds more than 3.2% of Ethereum’s total supply, moving closer to Lee’s goal of acquiring 5% of all ETH.
Bitmine’s increasing ETH purchases
In recent weeks, Tom Lee has ramped up ETH purchases, adding 138,452 ETH last week, a 156% increase over the firm’s early-November buying pace. Lee previously said BitMine aims to accumulate ETH gradually, positioning the firm for what he expects will be a sharp rebound in 2026.
He pointed to several catalysts: the recent Fusaka upgrade that boosts Ethereum’s scalability and security, expected Fed policy shifts such as ending quantitative tightening, and the market having had time to recover from October’s liquidation shock.
With today’s update, BitMine confirmed ETH holdings now exceed $12 billion at current market prices. In the company’s December shareholder message, Tom struck a bullish tone.
“The best years are ahead for crypto given the substantial upside to current adoption rates and the coming transformation as Wall Street tokenizes everything onto the blockchain,” he said.
BitMine also said it is progressing on MAVAN, its upcoming U.S.-based validator network set to launch in early 2026, which will serve as a high-security staking solution for institutional clients.
Stock volatility despite treasury growth
BitMine shares have faced notable volatility in recent weeks. On December 2, BMNR fell more than 12% as Bitcoin and Ethereum prices pulled back. The stock is still recovering from a broader market slump that pushed it down roughly 32% over the past month.
The company will host its annual shareholder meeting on January 15 at the Wynn Las Vegas, where investors are expected to seek updates on treasury strategy, staking expansion, and ETH accumulation milestones.
BitMine’s rapid buying and long-term ETH thesis continue to shape market expectations heading into 2026. With institutional backing, accelerating accumulation, and a clear path toward its 5% supply target, the company has positioned itself as a significant corporate force in Ethereum’s economic landscape.
Also read: Strategy Acquires 10,624 BTC for $962M; Now Holds 660,624 Bitcoin
