Institutions keep buying Ethereum. The latest move comes from BitMine Immersion ($BMNR), chaired by Tom Lee of Fundstrat, which has again loaded up on ETH while prices sit under pressure.
The company confirmed it acquired 110,288 ETH over the past week, a 34% jump compared to the week before. That brings its total holdings to 3.5 million ETH, or about 2.9% of the total Ethereum supply.
At current prices, that’s roughly $12.7 billion in ETH, according to CoinMarketCap, where ETH trades around $3,639.
Lee calls it a simple strategy, buy when others hesitate.
“The recent dip in ETH prices presented an attractive opportunity,” said Tom Lee. “We increased our ETH purchases this week. We’re now more than halfway toward our initial goal of owning 5% of the ETH supply.”
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BitMine provided its latest holdings update for Nov 10th, 2025:$13.2 billion in total crypto + “moonshots”:
-3,505,723 ETH at $3,639 per ETH (Bloomberg)
– 192 Bitcoin (BTC)
– $61 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”) and
– unencumbered…— Bitmine (NYSE-BMNR) $ETH (@BitMNR) November 10, 2025
Building Toward “The Alchemy of 5%”
BitMine’s target is clear: control 5% of all Ethereum. The company already holds 3,505,723 ETH, with a growing balance sheet and the liquidity to keep buying.
This week’s purchase lifts total crypto and investment assets to $13.2 billion, as of November 10, 2025.
Breakdown:
- 3,505,723 ETH at $3,639 each
- 192 BTC
- $61 million stake in Eightco Holdings (NASDAQ: ORBS), classified as “moonshots”
- $398 million in unencumbered cash
Even after months of steady accumulation, BitMine still holds nearly $400 million in cash, giving it flexibility to add more ETH without selling other assets.
Weekly ETH Buys Show Relentless Accumulation
BitMine’s purchase record shows a consistent pattern, steady, disciplined accumulation.
Weekly ETH buys (by week ending):
- Nov 10: 110,288 ETH
- Nov 3: 82,353 ETH
- Oct 27: 77,055 ETH
- Oct 20: 203,826 ETH
- Oct 13: 202,037 ETH
- Oct 6: 179,251 ETH
Over 850,000 ETH accumulated in just six weeks.
Each buy aligns with small market pullbacks, a sign of tactical positioning rather than speculation.
At an average cost of $4,020 per ETH, BitMine currently carries about $1.66 billion in unrealized losses. But Lee’s approach is long-term, building exposure during dips, not chasing rallies.
“This isn’t about trading,” one Fundstrat analyst noted internally. “It’s about building the largest Ethereum treasury in the world.”
Second Largest Crypto Treasury on Earth
BitMine now holds the largest Ethereum treasury globally, and the second-largest overall crypto treasury, only behind MicroStrategy ($MSTR), which remains dominant in Bitcoin holdings.
The company’s ticker, $BMNR, has become a benchmark for institutional exposure to Ethereum.
Trading data backs it up:
- Average daily dollar volume: $1.6 billion (5-day average as of Nov 7, 2025)
- Ranking: 48 among all U.S.-listed equities
- Position: Just behind Lam Research ($LAM) and ahead of Arista Networks ($ANET)
- Total U.S.-listed stocks: 5,704
Among thousands of listed firms, BitMine sits comfortably inside the top 1% for liquidity. That level of activity places it alongside major tech players, not niche crypto experiments.
Tom Lee: “Ethereum Is a Super Cycle Story”
Last week, BitMine and the Ethereum Foundation co-hosted an event at the New York Stock Exchange, gathering asset managers, funds, and institutions for a closed-door summit.
The theme: tokenization, transparency, and blockchain’s next phase.
“Wall Street is very interested in tokenizing assets onto the blockchain,” Lee said. “This creates greater transparency and unlocks new value for issuers and investors.”
He calls Ethereum the central player in that shift, the “super cycle story” of the next decade.
That phrase, “super cycle,” echoes through crypto circles now. It captures the belief that Ethereum’s value growth won’t rely on hype or speculative mania but on institutional adoption, on-chain utility, and real financial infrastructure being built atop its network.
Institutions Aren’t Trading, They’re Owning
The tone in Lee’s comments matches a wider sentiment spreading across institutional desks: Ethereum is no longer a trade; it’s infrastructure.
Staking rewards, tokenization of traditional assets, and the emergence of regulated ETH-backed funds all push ETH into a new category, a yield-generating, programmable reserve asset.
“Big money is buying while prices are down… are you?” BitMine wrote in a recent post on X (formerly Twitter).
That line isn’t marketing fluff, it’s a statement of positioning.
When ETH dipped under $3,400 earlier this month, BitMine accelerated purchases. The company calls it “building liquidity on chain.”
The Treasury Strategy
Behind the numbers lies a simple playbook: convert idle corporate cash into productive, staked ETH.
By locking ETH in validator nodes, BitMine earns staking rewards while strengthening the network’s security. Each week, more of its holdings move from cold storage into active staking pools, according to the company’s internal metrics.
With 3.5 million ETH under control, BitMine’s validators likely account for more than 3% of the total staking network. That gives the company influence, not just financially, but technically, across the Ethereum ecosystem.
Cash Reserves and Flexibility
BitMine’s $398 million cash position acts as both a safety net and a war chest.
The company increased cash from $389 million to $398 million in the same week it added more ETH, signaling strong internal liquidity.
That financial structure allows it to absorb volatility without needing to liquidate holdings or hedge exposure.
It also means BitMine can keep accumulating even if ETH corrects further.
Beyond ETH, Small Steps into “Moonshots”
BitMine’s $61 million stake in Eightco Holdings (NASDAQ: ORBS) sits under its “moonshots” portfolio, smaller, high-risk blockchain investments.
While ETH remains the core, these secondary bets show a willingness to explore emerging blockchain layers and enterprise adoption.
Still, ETH remains the centerpiece.
“We’re building an Ethereum-based balance sheet,” Lee said earlier this quarter. “Everything else revolves around it.”
BitMine’s rise highlights a shift across the market: crypto treasuries are going institutional.
Where MicroStrategy made Bitcoin the corporate treasury story of the 2020s, BitMine is doing the same for Ethereum.
Its pattern is clear, consistent buying, disciplined staking, and visible transparency through public filings.
As more companies adopt similar models, ETH’s liquid supply continues to shrink, setting the stage for what Lee calls the “alchemy of 5%”, institutional control over a meaningful share of the world’s programmable money.
The question isn’t whether institutions are buying. It’s how much more they’ll buy before everyone notices.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/bitmine-tightens-its-grip-on-ethereum-adds-another-110000-eth/