BitMine Immersion Technologies (BMNR), a firm specializing in Ethereum digital assets, acquired 138,452 ether last week, enhancing its strategy to accumulate cryptocurrencies, which now totals 3.86 million tokens, as the company announced on Monday.
At current ETH prices, this acquisition is valued at around $435 million. This marks a 156% rise from four weeks prior, when they added approximately 54,000 ETH. It’s also greater than the previous two weeks’ totals of 97,000 and 70,000 tokens.
Additionally, the firm has raised its cash reserves to $1 billion, up from $882 million the week before. When factoring in its minor bitcoin holdings and investment in Eightco Holdings (ORBS), the overall value of the company’s crypto and cash assets is now $13.2 billion.
This latest acquisition enhances BitMine’s portion of Ethereum’s circulating supply to over 3.2%, solidifying its status as the largest known ETH treasury.
BitMine’s stock saw a pre-market increase of 3.8%, with ETH showing a modest rebound over the weekend to $3,150.
While many digital asset treasuries have halted or reversed their accumulation as token prices and equity valuations fell in recent weeks, BitMine has chosen to increase purchases, taking advantage of ETH trading significantly below its summer peak.
Chairman Thomas Lee indicated that the firm intensified its purchases following Ethereum’s Fusaka upgrade on December 3, which brought enhancements to the network’s scalability and security. He also highlighted macroeconomic factors, including the Federal Reserve’s anticipated rate cut this month and the conclusion of quantitative tightening, as supportive of a stronger ETH market by early 2026.
Lee shared a separate message on Monday titled “The Crypto Supercycle is Intact,” asserting that rising adoption and heightened interest in tokenization are likely to bolster demand next year.
BitMine continues to rank among the most actively traded stocks in the U.S., with an average daily volume of approximately $1.8 billion, placing it among the top 40 most traded equities, according to the firm. However, it still faces significant unrealized losses on its ETH holdings, estimated at nearly $3 billion at current market prices.
Read more: BitMine Immersion Sitting on $4B Loss on Ether Bet as Analyst Warns of Structural Issues
