Ethereum

Thomas

Fusaka

Tom Lee

Surge

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 Key Highlights
 <ul>
 <li>BitMine’s crypto and cash holdings total $11.8 billion, driven by the accumulation of 3.6 million ETH tokens.</li>
 <li>Bitmine holds 2.9% of the total ETH supply, remaining the world’s largest ETH treasury.</li>
 <li>Tom Lee suggested that the current crypto price cycle is not nearing its end, forecasting that the peak is likely “12-36 months away.”</li>
 </ul>
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Tom Lee’s BitMine Immersion Technologies, Inc. (BMNR) announced today that its total crypto and cash holdings have reached $11.8 billion. The firm’s Ethereum (ETH) treasury now holds approximately 3.6 million tokens. The company released its November Chairman’s Message simultaneously, offering an assessment of the current state of the crypto market cycle and the growing role of asset tokenization.
This figure encompasses $607 million in cash, a $37 million stake in Eightco Holdings (NASDAQ: ORBS), 192 Bitcoin (BTC), and 3,559,879 ETH, valued at $3,120 per token based on Bloomberg pricing. This accumulation means BitMine now controls 2.9% of the total available ETH token supply, marking the halfway point toward its ambitious “Alchemy of 5%” target. 
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 🧵 BitMine provided its latest holdings update for Nov 17th, 2025: $11.8 billion in total crypto + "moonshots": -3,,559,879 ETH at $3,120 per ETH (Bloomberg) – 192 Bitcoin (BTC) – $37 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”) and – unencumbered cash of…— Bitmine (NYSE-BMNR) $ETH (@BitMNR) <a href="https://twitter.com/BitMNR/status/1990431998259736783?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 17, 2025</a>
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Chairman Thomas “Tom” Lee used the message to analyze the factors that govern the typical four-year crypto price cycle. He <a href="https://www.prnewswire.com/news-releases/bitmine-immersion-bmnr-announces-eth-holdings-reaching-3-6-million-tokens-and-release-of-november-chairmans-message-302617138.html" target="_blank" rel="noopener noreferrer nofollow">noted</a> that two of these factors suggest that, unlike previous patterns, the peak for the current cycle is likely “12-36 months away. Yes. This is a break from past cycle behavior.”
BitMine’s business model centers on acquiring and holding crypto for long-term investment, utilizing both capital-raising proceeds and revenue from its Bitcoin mining operations.&nbsp;
With this latest announcement, the company maintains its position as the number one Ethereum treasury and the second-largest global crypto treasury overall, following Strategy.
<h2 class="wp-block-heading" id="tom-lee-on-market-weakness">Tom Lee on market weakness</h2>
Commenting on the recent market softness following a liquidation event, Lee offered a macro perspective: “Crypto prices have not recovered since the liquidation event on Oct 10th. And the lingering weakness has the hallmarks of a market maker (or two) suffering from a crippled balance sheet.” He added, “When a market maker has a ‘hole’ on their balance sheet, they are seeking to raise capital and are reducing their liquidity functions in the market. This is the equivalent of QT (quantitative tightening) for crypto and has the effect of dampening prices. In 2022, this QT effect lasted for 6-8 weeks. And this is probably happening today.”
The company’s clear investment strategy is to acquire a 5% stake in the total ETH supply. This accumulation-focused strategy is backed by a list of institutional investors, including Cathie Wood of ARK, Bill Miller III, and Mr. Lee’s own firm, Fundstrat.&nbsp;
Beyond the acquisition goal, the firm’s strategic outlook is heavily influenced by the conviction that the runway for this crypto market cycle is longer than historical trends might suggest, as detailed in the chairman’s message.
<h2 class="wp-block-heading" id="tokenization-for-market-transparency">Tokenization for market transparency</h2>
The management of BitMine is of the view that Ethereum’s strong fundamental trends, with its Fusaka upgrade, the growth of stablecoins, and the advancement of asset tokenization, continue to support the cryptocurrency.
Lee addressed the potential of tokenization: “Tokenization is a major unlock for asset markets as it is more than just fractionalization or 24/7 liquidity. It is the innovation driven by factorization of an asset by time, product or geography. This in turn will provide great market transparency for issuers and investors.”
He drew a parallel between the potential impact of the proposed GENIUS Act and the SEC’s Project Crypto today and the effect of the US ending the gold standard in 1971, which was a catalyst for the modernization of Wall Street. The company intends to continue leveraging its high trading liquidity to support its crypto accumulation goals.
The stock’s high trading volume has made BitMine a prominent entity in the market, currently ranked as the 48th most traded stock in the US, with a five-day average daily dollar volume of $1.4 billion. Lee stated that the firm’s high trading liquidity and the “velocity of raising crypto NAV per share” are primary factors that distinguish it from its peers.&nbsp;
While acknowledging that trading volumes are still recovering in the aftermath of the October deleveraging, the company is optimistic, noting that the fourth quarter is historically a period of seasonal strength for both crypto and related equity prices.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2025/11/15/bitmine-appoints-new-ceo-to-accelerate-ethereum-strategy/" target="_blank" rel="noopener noreferrer nofollow">BitMine Appoints New CEO To Accelerate Ethereum Strategy</a>
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Tom Lee Led BitMine’s Crypto Holdings Surge to 3.6M Ethereum

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