The network upgrade scheduled for Dec. 3 aims to enhance scalability, security, and usability across the Ethereum ecosystem.
Ethereum News
Tom Lee's BitMine Immersion Technologies purchased 96,798 Etherium last week for roughly $273 million, representing a 39% increase from its prior weekly buying pace. The acquisition brings the company's total Ethereum holdings to 3.73 million tokens valued at approximately $10.5 billion at current prices.
The purchase extends BitMine's position as the largest Ethereum treasury company. BitMine also holds 192 Bitcoin, a $36 million equity stake in Eightco Holdings, and $882 million in cash, bringing total combined assets to $12.1 billion.
BitMine shares declined 7.7% in pre-market trading as Ethereum fell 6% overnight to just above $2,800. The company's treasury position represents more than 3% of total Ethereum supply, placing it two-thirds toward its stated goal of controlling 5% of the network.
Digital asset treasury companies face mounting pressure as declining crypto prices compress stock valuations. Most firms have halted asset purchases while some have begun selling holdings to narrow gaps between share prices and net asset values.
BitMine continued buying despite sitting on an estimated $4 billion in unrealized losses on its Ethereum holdings. The firm remains among the few treasury operators actively accumulating digital assets during the current downturn.
Chairman Tom Lee cited Ethereum's upcoming Fusaka upgrade and improving macro conditions as rationale for accelerating purchases. The network upgrade scheduled for Dec. 3 aims to enhance scalability, security, and usability across the Ethereum ecosystem.
Lee noted the Federal Reserve is expected to end quantitative tightening this month and likely cut interest rates at its December meeting. He stated cryptocurrency markets have stabilized in the seven weeks following October's liquidation event, creating favorable conditions for Ethereum accumulation.
BitMine continues to develop its Made in America Validator Network staking product, targeting early 2026 deployment. The staking infrastructure represents a core component of the company's long-term Ethereum strategy beyond treasury accumulation.
BitMine's Ethereum position was valued near $14 billion in October but has declined to roughly $9.7 billion as of Dec. 1. This drop parallels a nearly 30% decline in Ethereum prices over the past month, while BitMine stock has fallen approximately 25% to around $33.12.
The company scheduled its annual shareholder meeting for Jan. 15, 2026, at the Wynn Las Vegas. Updates on treasury management, staking infrastructure progress, and broader crypto roadmap are expected at the event.
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