BitMine Immersion Technologies (BMNR), the Ethereum-focused mining and treasury firm led by Fundstrat’s Tom Lee, has deepened its aggressive accumulation strategy with a new $150 million ETH purchase.
The latest addition pushes BitMine’s holdings to over 3% of Ethereum’s total supply, moving steadily toward its long-declared goal of controlling 5% of the network’s circulating ETH.
The move follows the company’s sizable late-November acquisition of 96,798 ETH, reinforcing BitMine’s position as the largest public Ethereum treasury holder in the world, and second-largest overall crypto treasury, behind Strategy (formerly MicroStrategy).
A Growing Treasury Ahead of Ethereum’s Fusaka Upgrade
BitMine’s accelerated buying comes just as Ethereum prepares for its Fusaka upgrade, a milestone hard fork designed to dramatically scale the network, lower Layer-2 fees, and unlock new cryptographic features. For Tom Lee, the upgrade is not just a technical improvement but a macro catalyst.
Reports from December 1 show that BitMine’s total crypto and cash reserves have reached $12.1 billion, consisting largely of its 3.73 million ETH treasury. The company views Ethereum’s upcoming efficiency and throughput increases as part of a longer structural shift, positioning ETH to outperform as the network transitions into higher-capacity phases.
Tom Lee Argues ETH Is Entering a “Supercycle”
Lee continues to outline a bullish, multiyear thesis built on two pillars: Ethereum’s technological evolution and the macro backdrop. He has repeatedly pointed to the Fusaka upgrade as a turning point that will enhance Ethereum’s role as a settlement layer, while potential adjustments in Federal Reserve policy could increase demand for risk assets more broadly.
The combination, Lee argues, sets the stage for an Ethereum “supercycle”, a period where technological progress, institutional adoption, and monetary conditions align to drive sustained upside.
Market Responds as BMNR Shares Climb
BitMine’s accumulation strategy has also been reflected in market sentiment. Over the past 24 hours, BMNR shares recorded gains of more than 5%, as investors continue to view the firm’s ETH-first treasury model as a leveraged play on Ethereum’s long-term growth.
With its holdings now surpassing 3% of the total supply, BitMine stands in a category of its own. Few public companies have made such concentrated, conviction-driven bets on a single crypto asset. For Lee, however, the strategy is simple: accumulate ahead of structural upgrades, hold through volatility, and let the network’s expanding fundamentals compound over time.
As BitMine advances toward its 5% target, its buying continues to solidify Ethereum’s position at the center of institutional digital asset strategies heading into 2026.
