Tom Lee's BitMine Immersion Ramps Up Ether Acquisition, Adding $435M of ETH to Treasury

Core Insights - BitMine Immersion Technologies (BMNR) has accelerated its accumulation strategy by acquiring 138,452 ether (ETH), raising its total holdings to 3.86 million tokens, valued at approximately $435 million at current prices, marking a 156% increase from four weeks ago [1][2] Group 1: Financial Performance - The firm's cash holdings increased to $1 billion from $882 million, with total crypto and cash assets now worth $13.2 billion [2] - BitMine's share of the circulating supply of ETH has risen to over 3.2%, solidifying its position as the largest known ETH treasury [2] Group 2: Market Activity - BitMine's shares rose by 3.8% in pre-market trading, with ETH prices bouncing back to $3,150 [3] - Unlike other digital asset treasuries that have slowed or reversed accumulation, BitMine has increased its purchases as ETH trades below summer highs [3] Group 3: Strategic Insights - Chairman Thomas Lee indicated that the firm increased buying following Ethereum's Fusaka upgrade on December 3, which improved network scalability and security [4] - Lee also highlighted macroeconomic factors, such as the anticipated Federal Reserve rate cut and the end of quantitative tightening, as supportive for a stronger ETH market in early 2026 [4] Group 4: Market Position - BitMine remains one of the most actively traded U.S. stocks, with an average daily volume of about $1.8 billion, ranking among the top 40 most traded equities [5] - Despite its active trading status, the firm is facing significant unrealized losses on its ETH holdings, estimated at nearly $3 billion at current prices [5]