BitMine Immersion Technologies (NYSE American: BMNR) has officially surpassed ownership of 3% of Ethereum’s circulating supply, holding 3.73 million ETH tokens as of November 30. This milestone represents a significant stride toward the company’s “Alchemy of 5%” target and underscores its aggressive accumulation strategy in anticipation of the Fusaka upgrade, scheduled for December 3. The upgrade is expected to enhance Ethereum’s scalability, security, and network usability, providing an opportune moment for institutional players like BitMine to increase their exposure.
The company’s broader crypto and cash holdings have reached $12.1 billion, including 192 Bitcoin, a $36 million stake in Eightco Holdings, and $882 million in unencumbered cash. Thomas Lee, chairman of Fundstrat and head of BitMine, noted that the firm purchased nearly 97,000 ETH over the past week alone, marking a 39% increase in weekly acquisitions. Lee also cited upcoming Federal Reserve moves, including the end of quantitative tightening and a projected rate cut on December 10, as supportive factors for the crypto market following the volatility observed around October 10.
BMNR stock has maintained high liquidity, ranking as the 39th-most-traded US stock with a five-day average daily volume of $1.7 billion, outpacing even General Electric. On December 1, shares fluctuated between $29 and $31, with trading volumes exceeding 30 million shares. Over the past 52 weeks, the stock has ranged from $3.20 to $161, reflecting its sensitivity to crypto treasury disclosures and Ethereum price movements. Institutional investors including ARK’s Cathie Wood, Founders Fund, Pantera, and Kraken have supported BitMine’s stock, further signaling confidence in its strategic approach.
BitMine now operates the largest Ethereum treasury in the world and the second-largest overall crypto treasury after Strategy Inc. The firm’s dominance in ETH holdings not only positions it as a leading institutional player but also allows it to influence market dynamics significantly. Looking ahead, BitMine plans to leverage its Ethereum holdings by launching the Made in America Validator Network staking solution in early 2026, further monetizing and securing its crypto assets.
This latest milestone emphasizes the increasing role of institutional investors in shaping the Ethereum ecosystem. As BitMine continues to expand its treasury and deploy staking strategies, its actions could serve as a bellwether for broader market trends, potentially affecting ETH liquidity, pricing dynamics, and the adoption of next-generation blockchain upgrades like Fusaka. The combination of strategic accumulation, market timing, and technological foresight reinforces BitMine’s position as a key player in the evolving landscape of decentralized finance.
