Last updated on December 18th, 2025 at 08:08 am
Quick Breakdown
- BitMine’s crypto treasury hit $11.8bn, comprising 3.6M ETH, BTC, cash, and high-conviction “moonshot” assets.
- The company now controls 2.9% of all ETH, reinforcing its push toward a 5% supply target.
- Chairman Tom Lee said current price weakness mirrors past liquidity shocks, with the cycle peak still 12–36 months away.
BitMine Immersion Technologies has expanded its position as the world’s largest Ethereum treasury, revealing that its combined crypto, cash, and “moonshot” assets now total $11.8 billion. The company, listed on the NYSE American under BMNR, disclosed that it holds 3.56 million ETH as of November 16, lifting its ownership to 2.9% of the global supply, past the halfway mark toward its ambition of controlling 5%.
ETH accumulation and market signals
Chairman Thomas “Tom” Lee said ongoing market weakness following the October 10 deleveraging event reflects reduced liquidity, likely tied to stressed market makers. He compared the current environment to a form of quantitative tightening that historically lasts 6 to 8 weeks. Despite subdued prices, Lee argued the cycle has not reached its peak, pointing to two factors from BitMine’s long-term analysis that indicate the market top may be 12 to 36 months away.
BitMine’s latest treasury update also places it as the No. 2 global crypto treasury behind MicroStrategy, which holds over 640,000 BTC. With Ethereum gaining momentum from the upcoming Fusaka upgrade, a surge in stablecoin activity, and accelerating tokenization of stocks, bonds, and real estate, the company says the asset remains structurally supported.
Record trading activity and institutional backing
BitMine’s stock has become one of the most heavily traded equities in the United States, averaging $1.4 billion in daily trading volume, ranking 48th nationwide. The company reports strong institutional participation, including backing from ARK’s Cathie Wood, Pantera, Founders Fund, and Galaxy Digital, reinforcing its long-term strategy to grow its ETH position.
BitMine also highlighted increasing liquidity across crypto-related equities as volumes begin to recover into the seasonally strong fourth quarter. According to Fundstrat data, BitMine and MicroStrategy now account for 88% of global digital-asset–themed equity trading volume.
Notably, on September 5, BitMine issued a statement, clarifying its regulatory standing following reports that NASDAQ is tightening oversight of companies building crypto treasuries. The firm stressed that the new requirements do not apply to its operations, as it is already fully compliant with NYSE American standards.
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