BitMine Adds $150M ETH as Fusaka Upgrade Goes Live
The crypto investment firm lifted its Ether holdings above 3% of the circulating supply as it targets long-term dominance in the Ethereum treasury market.
BitMine Immersion Technologies has intensified its accumulation strategy with another major Ether purchase, adding $150 million worth of ETH to its balance sheet in one of the largest corporate inflows this year. The move underscores the company’s continued conviction in Ethereum despite market volatility, leadership changes and a shifting macro landscape.
BitMine’s Latest Accumulation Wave
On-chain data published Dec. 3 by analytics firm Arkham revealed that BitMine received two sizeable inflows: 18,345 ETH via BitGo and 30,278 ETH through Kraken. While the company has not yet formally confirmed the transfers, the activity closely mirrors its recent acquisition pattern, which has included several large weekly purchases.
The new inflow continues a rapid buildup that accelerated in the final week of November, when BitMine acquired 96,798 ETH, reinforcing its position as the world’s largest corporate Ethereum holder.
Aiming for 5% of All Ether
BitMine’s strategy throughout 2025 has been clear: systematically increase its Ethereum exposure regardless of short-term price swings. The company now holds more than 3.7 million ETH at an average cost basis of $3,008 per token, giving it control over more than 3% of Ethereum’s circulating supply. Executives have stated their long-term ambition to reach 5% of all ETH, an unprecedented target for a publicly traded crypto treasury.
Management views Ether not simply as a digital commodity but as core financial infrastructure, positioning BitMine to benefit from Ethereum’s expanding role in decentralized finance, tokenization and settlement markets.
This aggressive posture separates BitMine from the broader corporate landscape. Data from Bitwise shows that total corporate ETH purchases fell sharply to about 370,000 ETH in November, an 81% drop from August’s peak of 1.97 million ETH. While others reduce exposure, BitMine is accelerating.
Tom Lee Draws Parallels to Bitcoin’s Early Bull Cycle
BitMine’s chairman, Tom Lee, has been vocal in his bullish outlook on Ethereum. In a Dec. 1 disclosure, he highlighted several upcoming catalysts—including the Ethereum Fusaka upgrade and expectations that the U.S. Federal Reserve is nearing the end of its balance-sheet tightening cycle—that could strengthen ETH fundamentals.
Lee has repeatedly compared today’s Ethereum market structure to Bitcoin’s setup in 2017, pointing to similar volatility patterns and early-stage adoption metrics.
He noted that when his team first recommended Bitcoin to Fundstrat clients in 2017, BTC was trading near $1,000. Despite subsequent drawdowns of up to 75%, Bitcoin ultimately surged more than 100x from that initial call.
“We believe ETH is embarking on that same Supercycle,” Lee wrote, arguing that Ether’s recent weakness reflects doubt, not deterioration.
This thesis is driving BitMine’s accumulation strategy even as current market prices keep its massive ETH holdings temporarily underwater.
Leadership Reshuffle as BitMine Scales Up
Alongside its expanding treasury, BitMine is undergoing significant leadership changes. In November, the company appointed Chi Tsang as its new CEO, replacing Jonathan Bates. The transition took effect immediately as the firm prepares for its next phase of growth.
Tsang emphasized BitMine’s unique position in the digital-asset landscape:
“With its substantial Ethereum holdings and credibility with both Wall Street and the Ethereum ecosystem, BitMine is positioned to become a leading financial institution,” he said.
The company also added three new independent board members, signaling a broader governance refresh as BitMine scales its operations and institutional engagement.
Ethereum’s Fusaka Upgrade Goes Live
BitMine’s buying spree coincides with a major technical milestone for Ethereum. The Fusaka upgrade—the network’s second major upgrade of 2025—went live on Dec. 3 at Epoch 411392. Fusaka introduces Peer Data Availability Sampling (PeerDAS), a feature designed to significantly boost data throughput and reduce transaction costs across Ethereum and its layer-2 ecosystem.
The update is expected to enhance user experience by bringing Ethereum closer to an “instant-feel” environment. Early market reaction was mildly positive, with ETH trading around $3,150 following the upgrade.
BitMine has repeatedly cited Ethereum’s scaling roadmap as a key driver behind its accumulation strategy, pointing to rollup growth, improved data availability, and expanding developer activity as foundational for long-term value.
BitMine and Strategy Inc. Lead Global Crypto Treasuries
The latest purchase cements BitMine’s position as the #1 Ethereum treasury in the world and the #2 overall crypto treasury, behind Strategy Inc. (MSTR), which remains the dominant Bitcoin holder.
Strategy currently owns 650,000 BTC and recently disclosed a $1.44 billion fiat reserve dedicated to dividend payments and debt servicing—highlighting the growing financial sophistication of large crypto-treasury institutions.
BitMine, meanwhile, stands alone in the Ethereum category, holding more ETH than any other corporate entity by a wide margin.
A Long-Term Vision Amid Market Uncertainty
BitMine’s continued absorption of Ether during a period of reduced corporate buying underscores a bold macro thesis: that Ethereum remains in the early phases of a transformational cycle with significant upside ahead. The company’s roadmap, from treasury expansion to leadership restructuring, places it at the center of Ethereum’s evolving institutional narrative.
While its cost basis leaves the firm temporarily in the red, BitMine appears committed to accumulating through volatility—mirroring the approach that defined the earliest and most successful corporate Bitcoin strategies.
As Ethereum’s technology matures and its role in global finance expands, BitMine’s high-conviction bet will serve as a test case for whether a public company can meaningfully shape the supply dynamics of a major digital asset.
