BitMine (BMNR) Acquires 97,000 ETH Ahead of Ethereum’s Fusaka Upgrade
By Krisztian Sandor | Edited by Stephen Alpher — December 1, 2025
BitMine Immersion Technologies (BMNR), the Ethereum-focused crypto treasury company led by Fundstrat’s Thomas Lee, has significantly increased its holdings of ether (ETH), purchasing approximately 96,798 ETH last week. This purchase brings BitMine’s total ETH holdings to around 3.73 million tokens, valued at about $10.5 billion based on current market prices.
Continued Accumulation Despite Market Pressure
Despite the broader crypto market facing downward pressure and many digital asset treasuries (DATs) halting purchases or liquidating holdings amid falling prices, BitMine has maintained an aggressive accumulation strategy. The firm’s continued purchases come even as it reportedly faces nearly $4 billion in unrealized losses on its ETH positions — a testament to its bullish conviction on Ethereum’s long-term prospects.
BitMine also holds other assets, including 192 Bitcoin (BTC), a $36 million stake in Eightco Holdings (ORBS), and roughly $882 million in cash reserves. As of recent trading, BitMine’s shares fell 7.7% in pre-market trading following a 6% overnight decline in ether’s price to just above $2,800. ### The Fusaka Upgrade: A Catalyst for Confidence
Thomas Lee cited Ethereum’s imminent Fusaka upgrade, scheduled to activate on December 3, 2025, as a primary catalyst for increasing ETH purchases. The Fusaka upgrade aims to enhance the Ethereum network’s scalability, security, and overall usability, thereby fueling optimism about the network’s future performance and adoption.
“The upcoming Fusaka upgrade is designed to improve scalability, security and usability on the Ethereum network,” Lee explained. “We see these enhancements as positive tailwinds for ETH prices.”
Macroeconomic Factors Also at Play
In addition to network improvements, BitMine’s strategy is influenced by broader macroeconomic expectations. Lee pointed to the Federal Reserve’s anticipated halt to quantitative tightening (QT) this month and a likely interest rate cut at the December meeting. These actions could temporarily boost risk assets, including cryptocurrencies, which have stabilized somewhat since their October 10 crash.
“Collectively, these factors—the Fusaka upgrade and potential Fed policy easing—are encouraging us to step up our weekly ETH purchases by 39% compared to the previous week,” Lee stated.
Leading as the Largest Ethereum Treasury Company
BitMine’s growing ETH holdings solidify its position as the largest Ethereum treasury company by volume of tokens held. While many rival firms have adopted a cautious or defensive posture in managing digital asset portfolios, BitMine’s aggressive accumulation highlights its differing outlook and willingness to capitalize on anticipated network and market improvements.
Market Context
The cryptocurrency market remains volatile, with ETH and other key tokens experiencing significant fluctuations. As of the latest data, ETH trades near $2,828, while Bitcoin sits around $87,292. The market continues to weigh regulatory developments, macroeconomic dynamics, and ongoing technological upgrades as key determinants of price trajectory.
About BitMine and Thomas Lee
BitMine Immersion Technologies focuses on Ethereum and related digital assets, with strategic investments guided by Thomas Lee, a prominent figure in crypto analysis and Fundstrat’s chairman. The firm’s bold moves reflect deep confidence in Ethereum’s technology roadmap and the broader potential of blockchain innovations.
This article includes AI-assisted content reviewed by editorial staff to ensure accuracy and compliance with CoinDesk’s editorial standards.
Related Reads
- What Is Ethereum’s Fusaka Upgrade and Why It Matters
- Federal Reserve’s Impact on Cryptocurrency Markets
- Digital Asset Treasury Strategies in 2025
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