BitMine Immersion Technologies (BMNR), the Ethereum-focused crypto treasury led by Thomas Lee of Fundstrat, added 96,798 ETH to its reserves last week.
The acquisition brings the firm’s total holdings to 3.73 million ETH, valued at approximately $10.5 billion at current prices, solidifying its position as the largest Ethereum treasury globally. BitMine also holds 192 BTC, a $36 million stake in Eightco Holdings, and $882 million in cash.
Despite the continued purchases, market conditions remain challenging. ETH dropped 6% overnight to just above $2,800, dragging BitMine’s shares down 7.7% pre-market.
The company is now carrying nearly $4 billion in unrealized losses on its ETH stash. Even so, BitMine stands out as one of the few digital-asset treasuries still expanding rather than cutting back.
Lee pointed to Ethereum’s upcoming Fusaka upgrade—expected to activate on December 3—and improving macro conditions as reasons for accelerating purchases by 39%.
He highlighted expectations that the Federal Reserve will halt quantitative tightening and consider rate cuts in December, calling these developments potential catalysts for ETH recovery.
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