Tom Lee’s Ethereum DAT BitMine now holds 3% of the total ETH supply

BitMine Immersion (BMNR) has reported that its combined crypto, cash, and “moonshot” assets now total $12.1 billion, mainly powered by the largest Ethereum treasury in the world.

Despite sliding crypto prices, BitMine has continued to ramp up ETH purchases. Chairman Tom Lee said the firm acquired 96,798 ETH for roughly $273 million in the past week alone, a 39% increase from its prior weekly pace.

The treasury position gives BitMine control of more than 3% of the Ethereum supply, placing it “two-thirds of the way” to its internal target of owning 5% of the network, according to a Dec. 1 disclosure.

Lee cited several near-term catalysts — including the Fusaka (Fulu-Osaka) upgrade, expected on Dec. 3, and the Federal Reserve’s planned end of quantitative tightening — as reasons for stepping up accumulation.

“We see these acting as positive tailwinds for ETH prices,” Lee said, adding that the market has regained footing in the seven weeks following October’s liquidation shock. BitMine continued to emphasize development of its staking product, the Made in America Validator Network (MAVAN), which the company aims to deploy in early 2026.

BitMine also reported 192 BTC, a $36 million equity stake in Eightco Holdings, and $882 million in unencumbered cash.

Monday’s update comes during a difficult stretch for crypto treasury firms, many of which saw their net asset values decline sharply during last month’s market drawdown.

The Block’s data dashboard shows that BitMine’s ETH stack — valued at almost $14 billion in October — has fallen to around $9.7 billion as of Dec. 1. This steep drop coincides with a nearly 30% slide in ETH prices over the past month.

Moreover, BitMine’s own stock price is down nearly 25% across the same period to around $33.12 on Monday, according to The Block's data.

The company will hold its annual shareholder meeting on Jan. 15, 2026, at the Wynn Las Vegas, it said in a filing on Monday. Investor updates on treasury management, staking infrastructure, and BitMine’s broader Ethereum roadmap are expected at the event.