Tom Lee's BitMine Immersion Ramps Up Ether Acquisition, Adding $435M of ETH to Treasury

BitMine Immersion Technologies (BMNR), the Ethereum-focused digital asset treasury firm, acquired 138,452 ether $ETH$3,142.49 last week, accelerating its accumulation strategy that lifted its total holdings to 3.86 million tokens, the company reported Monday.

At current $ETH prices, last week’s acquisition is worth roughly $435 million. That's a 156% increase from four weeks ago when it added about 54,000 $ETH, the firm pointed out, and it's also higher than the previous two weeks' haul of 97,000 and 70,000 tokens.

The firm also increased its cash holdings to $1 billion, up from the previous week's $882 million. Including its small bitcoin stash and a stake in Eightco Holdings (ORBS), the company's total crypto and cash assets are worth $13.2 billion.

The latest purchase increases BitMine’s share of the second largest cryptocurrency's circulating supply to over 3.2%, reinforcing its position as the largest known $ETH treasury.

BitMine's shares were up 3.8% pre-market with $ETH modestly bouncing over the weekend back to $3,150.

Digital asset treasuries have slowed or reversed accumulation as token prices and equity valuations came under pressure in recent weeks. BitMine has taken the opposite approach, increasing purchases as ether continues to trade well below its summer highs.

Chairman Thomas Lee said the firm stepped up buying after Ethereum's Fusaka upgrade on December 3, which introduced improvements to the network’s scalability and security. He also pointed to macro factors, including the Federal Reserve’s expected rate cut this month and the end of quantitative tightening, as support for a stronger $ETH market in early 2026.

Lee released a separate message Monday titled "The Crypto Supercycle is Intact," arguing that expanding adoption and growing interest in tokenization could drive demand next year.

BitMine remained one of the most actively traded U.S. stocks, with about $1.8 billion in average daily volume, placing it among the top 40 most traded equities, the firm said. However, the firm is still sittting on hefty unrealized looses on its $ETH stash, estimated at nearly $3 billion at current prices.

Read more: BitMine Immersion Sitting on $4B Loss on Ether Bet as Analyst Warns of Structural Issues