BitMine Amasses Over 3.7 Million ETH, Controlling 3% of Supply Pre-Fusaka: A Strategic Treasury Deep Dive

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BitMine's $12.1B Bet: How 3.7 Million ETH and a 39% Purchase Surge Signal Major Pre-Upgrade Strategy

Introduction: A Corporate Giant's Ethereum Gambit

In a move that underscores the deepening institutional embrace of cryptocurrency, BitMine Immersion Technologies (NYSE American: BMNR) has solidified its position as a dominant force in the Ethereum ecosystem. As of November 30, 2025, the company reported holdings of 3.73 million ETH tokens, a staggering sum representing over 3% of the entire Ethereum supply. This accumulation is not a passive investment but a strategic maneuver executed ahead of a pivotal network upgrade. With total crypto, cash, and other holdings reaching $12.1 billion, BitMine's actions provide a critical lens through which to view institutional crypto strategy, market liquidity, and the evolving infrastructure of blockchain networks. The company's accelerated purchasing—a 39% increase in weekly buys—just days before the Fusaka upgrade highlights a calculated bet on Ethereum's future utility and value.

The "Alchemy of 5%": Decoding BitMine's Treasury Strategy

BitMine’s current holdings mark significant progress toward its publicly stated “Alchemy of 5%” objective. Controlling 3.73 million ETH, or just over 3% of supply, means the company is two-thirds of the way toward amassing a treasury equivalent to 5% of all Ethereum. This is not merely an accumulation of assets; it is a deliberate corporate strategy to achieve outsized influence and benefit from network growth.

The composition of the $12.1 billion treasury is revealing:

• 3,726,499 ETH: Valued at approximately $11.2 billion (using the referenced $3,008 per ETH price from Coinbase).
• 192 Bitcoin (BTC): A relatively small holding compared to its ETH dominance.
• $36 million stake in Eightco Holdings (NASDAQ: ORBS): Categorized by the company as "moonshots," indicating strategic venture-style bets.
• $882 million in unencumbered cash: Provides significant liquidity and operational flexibility.

This structure shows a primary, concentrated bet on Ethereum, supplemented by strategic diversification into other crypto assets and traditional equity, all backed by a substantial cash reserve.

Accelerating Acquisitions: The Pre-Fusaka Buying Spree

In the week leading up to the December 3 Fusaka network upgrade, BitMine dramatically increased its purchasing activity. Thomas Lee, Fundstrat chairman and BitMine leader, confirmed the firm bought 96,798 ETH in the past week, representing a 39% increase in weekly purchases.

This acceleration can be contextualized by two key factors cited by Lee:

1. The Fusaka Upgrade: Scheduled for December 3, this Ethereum network upgrade promises gains in scalability, security, and network usability. Historically, major Ethereum upgrades like The Merge (transition to Proof-of-Stake) have been catalysts for renewed investor interest and structural changes in valuation models. BitMine’s buying suggests a strategic positioning to capitalize on anticipated post-upgrade network improvements and potential increased utility.
2. Macroeconomic Conditions: Lee pointed to supportive Federal Reserve moves, including ending quantitative tightening and a projected rate cut on December 10, following the market event of October 10. This creates a macroeconomic backdrop perceived as favorable for risk assets like cryptocurrencies.

This pre-upgrade accumulation strategy mirrors actions seen in traditional markets where institutions build positions ahead of anticipated catalytic events.

BMNR Stock: From Crypto Play to High-Liquidity Equity Phenomenon

The scale of BitMine’s treasury operations is directly reflected in the remarkable trading activity of its stock. BMNR has transcended its niche as a pure-play crypto stock to become a mainstream liquidity phenomenon.

• It ranks as the 39th-most-traded US equity with a five-day average daily volume of $1.7 billion, surpassing industrial giant General Electric.
• On December 1 alone, trading volume exceeded 30 million shares, making it the 5th-most-traded stock that day with 34.7 million shares traded (up from an average of 54 million), according to Yahoo! Finance.
• The stock traded between $29 and $31 on that date, within a volatile 52-week range of $3.20 to $161.

This volatility and high volume are explicitly tied to crypto treasury announcements and the price of Ethereum. The stock acts as a publicly-traded proxy for BitMine’s massive Ethereum holdings, attracting both traditional equity traders and crypto investors seeking exposure without direct asset purchase.

Comparative Scale: BitMine's Place in the Global Crypto Treasury Landscape

BitMine’s strategy places it in a unique position within the institutional crypto landscape. The company holds the world’s largest ETH treasury, significantly widening its lead over other corporate or institutional holders.

In the broader context of overall crypto treasuries (including Bitcoin), BitMine is noted as the second-largest overall crypto treasury after Strategy Inc. This ranking highlights two distinct models: Strategy Inc.'s position and BitMine’s aggressively expanding, Ethereum-centric approach.

The backing for BitMine’s strategy comes from notable industry figures and funds, including ARK’s Cathie Wood, Founders Fund, Pantera, and Kraken. This support validates the corporate treasury strategy and provides a network effect of credibility and potential collaboration.

The Next Phase: From Accumulation to Utility with Staking

Accumulation is only phase one of BitMine’s plan. The firm has announced its intention to launch a staking solution called the "Made in America Validator Network" in early 2026. This initiative is designed to optimize the use of its Ethereum treasury.

By activating its ETH holdings for staking, BitMine aims to:

• Generate yield (staking rewards) on its multi-billion dollar ETH position.
• Contribute to securing and validating the Ethereum network, aligning its operational role with its financial stake.
• Create a new business line around institutional-grade staking infrastructure.

This transition from passive holder to active network participant marks a significant evolution in corporate crypto strategy, moving from pure balance sheet asset management to operational blockchain involvement.

Strategic Conclusion: Implications for Ethereum and Institutional Crypto Strategy

BitMine Immersion Technologies' accumulation of over 3.7 million ETH is more than a large bet; it is a case study in modern institutional crypto strategy. Reaching 3% of supply ahead of the Fusaka upgrade demonstrates a forward-looking approach that ties asset acquisition to specific technological milestones and macroeconomic conditions.

The impact is multifaceted:

1. On Ethereum: A single entity controlling 3%+ of supply introduces a new dynamic in network governance and stake concentration, even as it demonstrates immense confidence in Ethereum's long-term roadmap.
2. On Markets: BMNR stock has become a crucial liquidity bridge between traditional equity markets and crypto asset performance, offering a novel vehicle for exposure.
3. On Corporate Strategy: BitMine is pioneering a blueprint for public companies seeking to build strategic crypto treasuries not just as investments, but as foundational assets for future revenue-generating services like staking.

For readers and market watchers, the key developments to monitor next are:

• The technical success and market reception of the Fusaka upgrade on December 3.
• The deployment timeline and technical details of BitMine’s "Made in America Validator Network" slated for early 2026.
• Any further progress toward the "Alchemy of 5%" goal and its potential implications for Ethereum's decentralized supply distribution.
• The trading volume and price correlation of BMNR stock relative to ETH price movements and treasury announcements.

BitMine’s moves illustrate that for leading institutions, cryptocurrency is no longer a speculative sideline but a core strategic asset class where accumulation, timing, and future utility are carefully calculated components of a broader financial vision.