BitMine Immersion Technologies (BMNR), the Ethereum-focused digital asset finance company, bought 138,452 ether last week, accelerating its accumulation strategy that lifted its total holdings to 3.86 million tokens, the company reported on Monday.
At current ETH prices, last week’s acquisition is worth about $435 million. That’s a 156% increase from four weeks ago, when it added about 54,000 ETH, the firm pointed out, and it’s also higher than the previous two weeks’ moves of 97,000 and 70,000 tokens.
The firm also increased its cash holdings to $1 billion, up from the previous week’s $882 million. Including its small bitcoin holdings and a stake in Eightco Holdings (ORBS), the company’s total crypto and cash assets are worth $13.2 billion.
The latest purchase increases BitMine’s share of the second largest cryptocurrency’s circulating supply to over 3.2%, strengthening its position as the largest known ETH wallet.
BitMine’s shares rose 3.8% pre-market, with ETH recovering modestly to $3,150 over the weekend.
Digital asset treasuries have slowed or reversed accumulation as token prices and stock valuations came under pressure in recent weeks. BitMine has taken the opposite approach, increasing purchases as ether continues to trade well below its summer highs.
Chairman Thomas Lee said the firm stepped up the purchase following Ethereum’s Fusaka upgrade on Dec. 3, which introduced improvements to the network’s scalability and security. He also pointed to macro factors, including the Federal Reserve’s expected rate cut this month and the end of quantitative easing, as supporting a stronger ETH market in early 2026.
Lee released a separate message on Monday titled “The Crypto Supercycle is Intact,” arguing that expanding adoption and growing interest in tokenization could drive demand next year.
BitMine remained one of the most actively traded U.S. stocks, with about $1.8 billion in average daily volume, placing it among the 40 most traded stocks, the firm said. However, the firm is still sitting on large unrealized losses on its ETH holdings, estimated at nearly $3 billion at current prices.
Read more: BitMine Immersion Sits on $4B Loss on Ether Bet as Analyst Warns of Structural Issues
