BitMine Massively Expands ETH Position: Over 3.7 Million Ether in Portfolio

BitMine Controls Over 3 Percent of ETH Circulating Supply

BitMine Immersion Technologies has further strengthened its position as the largest Ethereum Treasury company. According to company statements from November 30, the firm now holds 3.7 million ETH, representing more than three percent of circulating Ethereum supply ^[1]. With this, BitMine solidifies its standing as the Digital Asset Treasury (DAT) with by far the largest Ethereum holdings on the market ^[2].

In the past week alone, the company purchased 96,798 ETH ^[1]. According to analytics platform Lookonchain, additional purchases were made in the following days: On Saturday, BitMine acquired 16,693 ETH for approximately $50.1 million, and on Monday, another 7,080 ETH for about $19.8 million ^[2]. Overall, the company invested roughly $70 million in Ethereum over the last three days ^[2].

Total Portfolio Valued at $12.1 Billion

Beyond its Ethereum holdings, BitMine reports ownership of 192 Bitcoin as well as unrestricted liquid funds of $882 million ^[1]. The total value of all cryptocurrency holdings, liquid assets, and so-called "moonshots"—high-risk future bets with significant return potential—totals $12.1 billion according to the company ^[1].

However, the ETH holdings are currently trading at a loss at market prices. The company stated that the average purchase price stands at $3,008 per token ^[2]. BitMine has set a target of holding five percent of total Ethereum supply and has already achieved 62 percent of this goal ^[2].

Tom Lee Cites Macroeconomic Factors as Purchase Rationale

Tom Lee, Chief Executive Officer of BitMine, pointed to several factors influencing the recent purchase decision. First, he cited the Fusaka upgrade to the Ethereum blockchain scheduled for December 3, which is expected to bring improvements in scalability, security, and usability ^[1].

Additionally, Lee mentioned steps planned by the U.S. Federal Reserve for December, including the end of quantitative tightening and an expected interest rate cut on December 10 ^[1]. From the company's perspective, these macroeconomic factors should positively influence the cryptocurrency market environment.

Staking Infrastructure Planned for 2026

Parallel to its accumulation activities, BitMine reports progress on its staking solution "Made in America Validator Network," scheduled for deployment beginning in 2026 ^[1]. With this infrastructure, the company apparently aims to increase returns from its substantial Ethereum holdings through staking rewards.

Bitcoin Forecast Pushed Back

While BitMine expands its Ethereum position, Tom Lee has had to adjust his Bitcoin forecasts. Until October, he had predicted a new Bitcoin all-time high of $250,000 by the end of 2025 ^[2]. However, he has since walked back this assessment and now forecasts a new all-time high for the end of January instead. "I think Bitcoin can reach a new all-time high by the end of January," Lee said in a Sunday interview with CNBC ^[2]. Much will depend on whether stock markets recover, which the company expects ^[2].