BitMine Buys Nearly 100,000 ETH in a Week as Market Drops, Bets Big on Fusaka Upgrade
BitMine Immersion Technologies (BMNR), the Ethereum-focused digital asset treasury firm led by Fundstrat co-founder Thomas Lee, has significantly increased its exposure to ETH even as crypto markets continue to slide.
The company disclosed on Monday that it acquired an additional 96,798 ether last week, extending an aggressive accumulation strategy that has defied the broader retreat among digital asset treasuries.
The latest purchase lifts BitMine’s total holdings to 3.73 million ETH, valued at roughly $10.5 billion at current prices. The company also holds 192 BTC, a $36 million stake in Eightco Holdings (ORBS), and approximately $882 million in cash, cementing its position as the largest Ethereum treasury firm in the public markets.
But despite the expanded balance sheet, BitMine’s shares reflected mounting market stress. Its stock slid over 11%, mirroring a steep 6% overnight drop in ETH, which briefly slipped to just above $2,800.
BitMine share price (Source: Google Finance)
A Sector Under Pressure
BitMine’s continued accumulation stands in sharp contrast to the broader digital asset treasury (DAT) sector, which has been struggling to navigate rapidly falling crypto prices and a simultaneous decline in equity valuations.
Many DATs have paused purchases entirely, while others have moved to trim their crypto positions in order to narrow the gap between share prices and underlying net asset value (NAV)—a spread that has widened uncomfortably for several firms in recent weeks.
The downturn has also intensified scrutiny of unrealized losses on corporate crypto holdings. BitMine, despite its continued bullishness, is estimated to be carrying nearly $4 billion in unrealized losses on its Ethereum reserve as the second-largest blockchain asset remains well below its peak.
Nevertheless, market participants say the firm’s proactive posture may signal a longer-term view that places more weight on network fundamentals and macroeconomic shifts than on short-term volatility. That perspective is reflected directly in comments from Lee, who argues that both crypto-specific and wider economic forces are aligning in Ethereum’s favor.
Betting on the Fusaka Upgrade
BitMine cited the upcoming Fusaka upgrade—scheduled to activate on Dec. 3—as a core driver behind its accelerated purchasing pace.
The upgrade aims to enhance Ethereum’s scalability, security, and overall usability, and is widely expected to unlock critical improvements for developers and institutional users once implemented.
Lee said the enhanced technical roadmap strengthens the case for Ethereum as a long-term value driver in the digital asset space, especially at a time when the protocol faces fresh competition from newer high-throughput blockchains.
For BitMine, he suggested, any near-term weakness in ETH prices represents a strategic accumulation window rather than a structural decline.
Macro Tailwinds: Fed Pivot Approaches
On the macro front, Lee highlighted the Federal Reserve’s positioning ahead of its December meeting as another reason BitMine accelerated its buying.
According to his analysis, the Fed is expected to halt quantitative tightening (QT) this month and move toward an initial phase of interest rate cuts—a shift that has historically supported risk assets, including cryptocurrencies.
He noted that conditions have stabilized significantly since the sharp market dislocation of Oct. 10, when crypto assets experienced a rapid, broad-based selloff. With volatility subsiding and liquidity improving incrementally, BitMine decided to step up its ETH purchases by 39% compared with the previous week.
“Collectively, we see these acting as positive tailwinds for ETH prices and thus, we stepped up our weekly purchases of ETH by 39%,” Lee said in the company’s statement.
A Contrarian Play in a Weak Market
While the broader crypto treasury landscape remains cautious, BitMine’s decision to double down underscores its strategic conviction in Ethereum’s long-term fundamentals. The firm is now positioned further ahead of peers in ETH exposure at a time when sentiment is fragile but key structural developments loom.
Whether this contrarian posture pays off will depend heavily on how markets digest the Fusaka upgrade, how aggressively the Fed signals an easing cycle, and whether Ethereum can mount a sustained recovery from its recent lows.
For now, BitMine appears committed to its strategy—leaning into volatility rather than retreating from it.
