BitMine has disclosed another major Ethereum purchase, adding 96,798 ETH last week. As of December 1, the firm now holds over 3.72 million ETH, valued at roughly $11.2 billion, making it the largest Ethereum holder globally and the second-largest crypto treasury overall – trailing only Strategy. The company’s average ETH cost basis remains at $3,008 per token, while ETH trades below that level, leaving BitMine temporarily underwater on its position.
The company also holds 192 BTC, $36 million in “moonshot” equity stakes such as Eightco Holdings, and $882 million in cash. Chairman Tom Lee said BitMine’s decision to increase weekly ETH purchases by 39% was based on several factors, including the upcoming Ethereum Fusaka upgrade and anticipated U.S. interest rate cuts on December 10.
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Why BitMine Is Still Buying
Lee cited a combination of macro and protocol-level events as potential tailwinds. The Ethereum Fusaka upgrade – set to go live tomorrow – brings major changes to network efficiency, including data availability improvements through PeerDAS and increased block gas limits. At the same time, the Federal Reserve is expected to end quantitative tightening and ease monetary policy, developments BitMine sees as supportive of long-term ETH demand.
BitMine’s strategy has remained consistent through market dips. Despite ETH dropping over 20% in November and another 8% at the start of December, the firm continued accumulating. Blockchain data shows that in just three days last week, BitMine bought nearly $70 million worth of ETH across multiple transactions.
According to Lee, the firm is now more than 60% of the way toward its goal of holding 5% of the entire Ethereum supply. BitMine’s buying pace, combined with increasing institutional attention, has made its stock – $BMNR – one of the most actively traded in the U.S., with an average daily trading volume of $1.7 billion.
Read also: Will Strategy Be Forced to Sell Its Bitcoin? It’s Too Early to Panic
Looking Ahead
While ETH remains below BitMine’s average purchase price, the company shows no signs of slowing. Lee continues to compare Ethereum’s current market structure to Bitcoin’s in 2017, pointing to historical drawdowns that preceded longer-term rallies. With Fusaka going live tomorrow and macro shifts underway, BitMine is preparing for what it believes could be a turning point.
