• BitMine continues to expand its Ethereum reserves and now holds over 3% of all ETH in circulation, according to the company. As of November 30, its balance reached 3.7 million ETH.

  • The company also holds 192 BTC, $882 million in unencumbered cash, and a range of additional crypto assets. The total value of its crypto reserves, liquid cash, and so-called “moonshots” — high-risk, high-potential future bets — amounts to $12.1 billion.

According to a press release, BitMine increased its purchases by 96,798 ETH in the past week alone. CEO Tom Lee linked the uptick in accumulation to the upcoming Fusaka upgrade on the Ethereum network scheduled for December 3. The update is expected to deliver improvements in scalability, security, and overall usability.

Lee also pointed to key upcoming Federal Reserve actions in December — including the end of quantitative tightening and a likely rate cut on December 10 — as additional factors behind the company’s strategy.

BitMine maintains its position as the world’s largest corporate Ethereum treasury. In the broader ranking of crypto treasuries, the company trails only Strategy Inc., which holds 649,870 BTC valued at roughly $59 billion. BitMine also reported progress on its in-house staking initiative, the Made in America Validator Network, scheduled for rollout in 2026.

The company further highlighted strong trading interest in its stock BMNR: according to Fundstrat data, the five-day average daily trading volume reached $1.7 billion, placing BMNR 39th among the most traded U.S. equities.