Key Highlights
- BitMine’s total crypto, cash, and “moonshot” holdings reached $12.1 billion, including 3.73M ETH.
- The company increased weekly ETH purchases by 39% ahead of the December 3 Fusaka upgrade.
- BitMine is now the world’s largest Ethereum treasury, and its stock trades $1.7B daily on average.
BitMine Immersion Technologies, a Bitcoin and Ethereum Network firm, reported that its combined crypto, cash, and “moonshot” assets have reached $12.1 billion.
According to the company, its crypto holdings include 3,726,499 Ethereum (ETH), priced at $3,008 per token at the time of reporting. BitMine also holds 192 Bitcoin, a $36 million stake in Eightco Holdings, and $882 million in cash that is not tied to any loans or restrictions.
The company said that the total reflects its treasury numbers recorded as of November 30.
39% increase in ETH purchase ahead of Fusaka upgrade
Bitmine said that it bought 96,798 ETH in the past week as part of its plan to continue increasing its Ethereum reserves in preparation for the Ethereum Fusaka upgrade scheduled for December 3.
Fundstrat Chairman Tom Lee said the company stepped up its ETH buying by 39% because of several changes happening in the crypto market and the U.S. economy.
“Collectively, we see these acting as positive tailwinds for ETH prices and thus, we stepped up our weekly purchases of ETH by 39%,” Lee said. He also pointed to the Federal Reserve’s December plans, including ending quantitative tightening and a possible interest rate cut on December 10.
BitMine’s inclination toward ETH
BitMine is now the world’s largest Ethereum treasury and the second-largest overall crypto treasury, followed by Strategy Inc., which holds 649,870 BTC valued at $59 billion. The company is also expanding its staking network, called the Made in America Validator Network, and planning for rollout in early 2026. According to Lee, the platform will offer secure and reliable staking services once launched.
The company noted that its stock is now one of the most traded in the U.S. Data from Fundstrat show that its stock had an average daily trading volume of $1.7 billion over five days, ranking it 39th among U.S.-listed companies. Additionally, Bitmine has continued to run its mining operations in low-cost energy regions, including Trinidad and Texas.
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