BitMine Immersion Technologies stepped up the pace of its Ethereum accumulation this past week after a slowdown in November, reporting total crypto, cash, and so-called “moonshot” assets of $13.2 billion in a new 8-K filing.
As of Dec. 7, the firm held 3,864,951 ETH, along with 193 bitcoins, $1 billion in cash, and a $36 million “moonshot” stake in Eightco Holding. Eightco is a Nasdaq-listed digital asset treasury company focused on accumulating Worldcoin’s WLD token, following its launch of a $250 million WLD treasury program in September.
The filing shows BitMine purchased 138,452 ETH in the past week, worth roughly $430 million at today’s prices. It’s a notable pickup from the roughly 80,000-ETH weekly pace it recorded throughout November.
The latest disclosure brings BitMine’s treasury above 3.2% of the total ETH supply as it continues toward its stated target of accumulating 5%.
Chairman Tom Lee said in the latest filing that the stepped-up buying reflects the company’s view that crypto markets have stabilized since the Oct. 10 liquidation event. He pointed to macro shifts and Ethereum’s recent Fusaka upgrade as reasons BitMine expects stronger demand into early 2026.
“We’re now more than eight weeks past the liquidation shock — long enough for crypto to trade on forward fundamentals again,” Lee said.
In an accompanying filing that included the transcript from a Dec. 4 keynote at Binance Blockchain Week in Dubai, Lee argued that a growing institutional push into tokenization could be a defining driver of demand next year.
“Wall Street wants to tokenize all financial products,” he said, adding that the scale of assets targeted for blockchain rails “is almost a quadrillion dollars.” He described stablecoins as “Ethereum’s ChatGPT moment,” arguing that institutions began recognizing how much more could be built once they realized the dollar could be tokenized.
The firm also said its stock has averaged $1.8 billion in daily dollar volume over the past week, placing it among the most-traded U.S. equities by liquidity, according to Fundstrat.
Shares of BMNR are trading at $34.50 Monday morning, up 1.5% on the day but down over 16% a month ago, according to The Block’s price page.
BitMine Immersion Technologies, Inc. (BMNR) stock price chart. Source: The Block/TradingView
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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