BitMine Immersion Technologies (BMNR), the Ethereum-focused digital asset treasury firm, acquired 138,452 ether last week, accelerating its accumulation strategy that brought its total holdings to 3.86 million tokens, the company reported on Monday.
At current ETH prices, last week’s acquisition is worth approximately $435 million. That’s a 156% increase from four weeks ago, when it added around 54,000 ETH, the firm noted, and is also higher than the haul of 97,000 and 70,000 tokens from the previous two weeks.
The company also increased its cash holdings to $1 billion, up from $882 million the previous week. Including its small stash of bitcoins and a stake in Eightco Holdings (ORBS), the company’s total cryptocurrency and cash assets are worth $13.2 billion.
The latest purchase increases BitMine’s share of the circulating supply of the second-largest cryptocurrency to over 3.2%, bolstering its position as the largest known ETH treasury.
BitMine shares rose 3.8% premarket and ETH rebounded modestly over the weekend to $3,150.
Digital asset treasuries have slowed or reversed accumulation as token prices and stock valuations have come under pressure in recent weeks. BitMine has taken the opposite approach, increasing purchases as ether continues to trade well below its summer highs.
President Thomas Lee said the company stepped up purchases after Ethereum’s Fusaka upgrade on Dec. 3, which introduced improvements to the network’s scalability and security. He also pointed to macroeconomic factors, including the Federal Reserve’s planned rate cut this month and the end of quantitative tightening, as supporting a stronger ETH market in early 2026.
Lee posted a separate message on Monday titled “Crypto Supercycle Is Intact,” arguing that expanding adoption and growing interest in tokenization could drive demand next year.
BitMine remained one of the most traded US stocks, with around $1.8 billion in average daily volume, putting it among the top 40 most traded stocks, the company said. However, the company still has large unrealized losses on its ETH reserve, estimated at almost $3 billion at current prices.
Read More: BitMine Immersion Suffers $4 Billion Loss on Ether Bet as Analyst Warns of Structural Issues
