BitMine Surpasses 3% of Ethereum Supply Ahead of Fusaka Upgrade

BitMine Immersion Technologies (NYSE American: BMNR) reported holdings of 3.73 million ETH tokens as of November 30, equating to more than 3% of the Ethereum ETH $2 800 24h volatility: 7.5% Market cap: $337.89 B Vol. 24h: $37.64 B token supply.

This marks two-thirds of the way toward the company’s “Alchemy of 5%” objective. Total crypto, cash, and other holdings reached $12.1 billion, including 192 Bitcoin BTC $86 531 24h volatility: 5.0% Market cap: $1.73 T Vol. 24h: $92.89 B , a $36 million stake in Eightco Holdings, and $882 million in unencumbered cash, according to their announcement.

BitMine Accelerates ETH Purchases Ahead of Ethereum Upgrade and Fed Decisions

Thomas Lee, Fundstrat chairman and BitMine leader, noted the firm bought 96,798 ETH in the past week, a 39% increase in weekly purchases. Purchases accelerated ahead of the Fusaka upgrade, set for December 3, which promises gains in scalability, security, and network usability.

Lee also pointed to the Federal Reserve moves, including ending quantitative tightening and a projected rate cut on December 10, as supportive factors following the October 10 market event.

BMNR Stock Maintains a High Liquidity Status

BMNR ranks as the 39th-most-traded US stock, with a five-day average daily volume of $1.7 billion, ahead of General Electric. On December 1, shares traded between $29 and $31, with volume exceeding 30 million shares, up from an average of 54 million, and it is the 5th-most-traded stock, with 34.7 million shares traded, according to Yahoo! Finance. The stock’s 52-week range spans $3.20 to $161, reflecting volatility tied to crypto treasury announcements and the price of Ethereum.

Graph of BitMine’s shares. Source: Yahoo! Finance.

BitMine holds the most extensive ETH treasury globally, widening the gap, and is the second-largest overall crypto treasury after Strategy Inc. Backers of its stocks include ARK’s Cathie Wood, Founders Fund, Pantera, and Kraken. With all this impetus, the firm plans to launch a staking solution, the Made in America Validator Network, in early 2026 to optimize its use of its Ethereum treasury.

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