BitMine Controls Over 3% of All Ethereum Tokens—What Does This Mean for Crypto Markets?

BitMine Immersion (NYSE:BMNR) is making waves in the crypto investment world with its announcement: the company now holds more than 3.73 million ETH, accounting for over 3% of Ethereum’s total circulating supply. As of November 30, BitMine’s combined crypto and cash holdings stand at a staggering $12.1 billion—an accumulation strategy setting it apart from both traditional and crypto treasury peers.

ETH Accumulation Strategy Intensifies Before Fusaka Upgrade

The latest acquisition added nearly 97,000 ETH to BitMine’s balance sheet in just the past week, a move the company attributes to growing confidence ahead of Ethereum’s major Fusaka (Fulu-Osaka) upgrade, scheduled for December 3. The upgrade aims to deliver enhanced scalability, security, and usability, with BitMine’s leadership signaling it expects these improvements to act as strong tailwinds for ETH prices in December.

BitMine’s strategy reflects a bullish long-term view: management openly cites the recent acceleration of its ETH purchases—up 39% week-over-week—as a response to stabilized crypto markets after October’s liquidity shock, as well as broader macroeconomic tailwinds including potential Fed interest rate cuts.

BitMine’s Treasury Position Surpasses Most Public Crypto Firms

With $12.1 billion in assets and $882 million in cash, BitMine boasts the world’s largest Ethereum treasury. For perspective, the company’s ETH stash trails only Strategy Inc. (MSTR), known for its large Bitcoin position, among public companies. BitMine also maintains holdings in Bitcoin, Eightco Holdings (“moonshots”), and remains highly liquid:

Institutional Support and High Trading Liquidity Set BMNR Apart

BitMine’s roster of institutional investors is a who’s-who of the digital assets world, including ARK’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital. These heavyweight backers underscore confidence in the firm’s aggressive crypto treasury buildout and staking ambitions—BitMine aims to control up to 5% of the ETH supply in the near future.

Additionally, BMNR stock’s liquidity is notable: averaging $1.7 billion in daily trading volume, it currently ranks 39th among US-listed stocks. This makes it one of the most liquid crypto-related equities on the market, outpacing established blue chips like General Electric.

Shareholder Meeting Set as BitMine Targets the 5% ‘Alchemy’ Threshold

Management will address investors directly at its annual shareholders meeting at the Wynn Las Vegas on January 15, 2026—a forum likely to highlight both the rapid accumulation of Ethereum and the pending deployment of its new staking solution, the Made in America Validator Network (MAVAN), slated for early 2026.

BMNR’s ongoing moves, including its “moonshots” investments and active engagement with regulatory transformation, continue to attract market attention and speculation regarding Ethereum’s role as an institutional-grade asset class.

Key Takeaways for Investors

BitMine’s control of 3% of the world’s ETH supply signals a strong conviction in Ethereum’s long-term future. With further ETH accumulation likely and a best-in-class staking solution in development, BMNR remains an outlier in scale and strategy among public companies in the digital asset space.

As the Fusaka upgrade approaches and with a possible pivot in Fed policy on the horizon, BitMine’s bold moves warrant attention. Whether these actions set the stage for Ethereum’s next growth chapter—and whether other treasuries will follow BitMine’s lead—are questions that could shape crypto markets into 2026 and beyond.

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