BitMine Immersion, the crypto treasury firm chaired by Tom Lee, has expanded its Ethereum reserves to more than 3 percent of the total ETH supply. The company reported total assets of roughly 12.1 billion dollars across crypto, cash, and high-risk “moonshot” investments, with Ethereum making up the largest share.
Even as crypto prices soften, BitMine has accelerated its buying. The firm picked up 96,798 ETH in the past week, a purchase worth about 273 million dollars. That pace is nearly forty percent higher than its usual weekly accumulation. In a disclosure filed on December 1, BitMine said this puts the company about two thirds of the way toward its goal of owning 5 percent of the Ethereum network.
BitMine Immersion Technologies, Inc.
Lee pointed to several near term developments that he believes could support market recovery. Among them are the upcoming Fusaka upgrade expected on December 3 and the Federal Reserve’s plan to end quantitative tightening. He said these factors could help lift ETH after a tough stretch that included October’s liquidation shock.
BitMine is also pushing ahead with the Made in America Validator Network, a staking product the firm aims to roll out in early 2026. Beyond its large ETH position, the company reported holdings of 192 BTC, an equity stake worth 36 million dollars in Eightco Holdings, and 882 million dollars in unencumbered cash.
The upbeat update comes at a difficult moment for crypto treasury firms. Many saw sharp declines in asset values during the recent market pullback. BitMine’s own ETH holdings, valued at nearly 14 billion dollars in October, dropped to around 9.7 billion dollars by December 1 as Ethereum prices fell close to thirty percent over the month. The company’s stock price has followed the same trend, sliding nearly twenty five percent to about 33.12 dollars.
BitMine plans to share more about its strategy at its annual shareholder meeting on January 15, 2026, at the Wynn Las Vegas. Updates on treasury management, staking infrastructure, and the company’s broader Ethereum roadmap are expected.
