BitMine buys 96,798 ETH worth $265 million in one week
BitMine Immersion purchased 96,798 ETH worth approximately $265 million, bringing total Ethereum holdings to 3.73 million tokens.
Weekly Ethereum Purchase and Treasury Holdings
BitMine Immersion Technologies acquired 96,798 Ether (ETH) during the week ending November 30, 2025. This verified purchase is valued at approximately $265 million based on market prices. The acquisition brings the company’s total treasury to 3.73 million tokens. This volume represents more than 3% of the total circulating Ethereum supply.
Balance Sheet Strength and Cash Reserves
The company reported total assets reaching $12.1 billion, comprising crypto holdings, cash, and strategic investments. The balance sheet maintains $882 million in unencumbered cash available for future capital deployment. BitMine also holds a smaller position of 192 Bitcoin (BTC) alongside its primary Ethereum strategy.
Strategic Rationale and Market Catalysts
Management cited the upcoming network changes and macroeconomic policy as drivers for the increased buying activity. The company accelerated its weekly purchasing pace by 39% ahead of the Fusaka upgrade scheduled for early December. This technical update aims to improve network scalability and efficiency.
"As we look ahead to December, the Fusaka upgrade... The Federal Reserve is taking several key steps... we stepped up our weekly purchases of ETH by 39%."— Tom Lee, Chairman, BitMine Immersion Technologies
Institutional Accumulation Amid Market Downturn
This aggressive accumulation occurred during a period of wider market volatility. BitMine continued to deploy capital while other institutional treasuries paused acquisition activities. The Federal Reserve (Fed) monetary policy decisions expected in December also influenced the timing of these large-scale transactions.