BitMine adds $429M in ETH, boosting treasury to $12B

BitMine Immersion Technologies purchased 138,452 ETH worth roughly $429 million last week, raising its total holdings to 3.864 million ETH (about $12 billion), along with 193 BTC and $1 billion in cash. It marks the company’s largest ETH buy in nearly two months.

Ethereum has gained almost 11% over the past week, though Myriad users remain cautious—currently pricing a 46% chance that ETH hits $4,000 before $2,500. Chairman Tom Lee cited the recent Fusaka upgrade, expectations of Fed rate cuts, and market recovery as reasons for renewed confidence.

BitMine remains the world’s largest Ethereum treasury and the second-largest crypto treasury after Strategy, which just spent nearly $1 billion on 10,624 BTC. The firm is positioning for a 2026 “crypto supercycle” and plans to launch its MAVAN staking network early next year.