- BitMine ramps up Ethereum purchases, targeting 5% of supply.
- Ethereum treasury value drops, but BitMine remains optimistic on growth.
- BitMine plans major Ethereum staking product launch by 2026.
BitMine Immersion (BMNR) has reported a significant increase in its assets, now valued at $12.1 billion. This surge is mainly attributed to its extensive Ethereum (ETH) holdings, which currently represent the largest Ethereum treasury in the world. Despite the ongoing downturn in crypto prices, BitMine continues to aggressively accumulate ETH. According to Chairman Tom Lee, the firm acquired 96,798 ETH for approximately $273 million over the past week. This marks a 39% rise from its previous acquisition pace, highlighting the company’s bullish outlook on Ethereum.
The company’s treasury now controls more than 3% of the total Ethereum supply, and Lee has disclosed that BitMine is well on its way to reaching its target of owning 5% of the network. The firm’s aggressive acquisition strategy comes in anticipation of several key market catalysts. Lee pointed to the Fusaka (Fulu-Osaka) upgrade, set to launch on December 3, as one such trigger for potential ETH price gains. Additionally, he noted the Federal Reserve’s decision to end quantitative tightening as a positive influence on the broader market.
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BitMine’s Strong Focus on Long-Term Ethereum Strategy
BitMine’s strategy to expand its Ethereum holdings reflects its commitment to long-term growth, despite the current volatility in the crypto market. Even as ETH prices have dipped by nearly 30% over the past month, the company’s confidence remains high. The value of BitMine’s Ethereum stack has dropped from nearly $14 billion in October to around $9.7 billion by December 1, largely due to the falling ETH prices. However, BitMine is undeterred by this decline and continues to build its position, preparing for future market shifts.
Alongside its ETH strategy, BitMine holds 192 BTC, a $36 million equity stake in Eightco Holdings, and $882 million in unencumbered cash. The firm also plans to launch its staking product, the Made in America Validator Network (MAVAN), by early 2026. This further strengthens BitMine’s position in the growing Ethereum ecosystem, aiming to capitalize on staking opportunities as the network evolves.
The company’s aggressive approach is in stark contrast to the challenges faced by many other crypto treasury firms, which have seen their net asset values shrink during the recent market downturn. Despite this, BitMine remains committed to its mission of bolstering its Ethereum holdings and staking infrastructure, setting the stage for potential long-term gains in the coming years.
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