BitMine Immersion Technologies accelerates Ethereum accumulation with its largest weekly purchase, citing network upgrades and macroeconomic factors as key drivers.
BitMine Immersion Technologies, led by chairman Thomas Lee, acquired 138,452 ETH last week worth approximately $435 million, raising its total holdings to 3.86 million tokens and over 3.2% of the circulating supply. This marks its largest weekly accumulation in at least a month, surpassing previous weekly purchases of 97,000 and 70,000 ETH. The firm boosted cash reserves to $1 billion, taking total crypto and cash assets to $13.2 billion. Lee attributed the increased buying pace to Ethereum’s Fusaka upgrade on December 3 and supportive macroeconomic trends, including a potential Federal Reserve rate cut. Despite unrealized losses near $3 billion, BitMine remains among the most actively traded U.S. stocks and continues aggressive ETH acquisitions while other digital asset treasuries slow buying.