BitMine Accumulates 3.73M ETH (3% of Supply) Ahead of Fusaka Upgrade
BitMine Immersion Technologies (NYSE: BMNR) reported holding 3.73 million ETH (over 3% of circulating supply) as of Nov. 30, advancing its “Alchemy of 5%” target. The company’s reported assets total $12.1 billion, including 192 BTC, a $36 million stake in Eightco Holdings, and $882 million in unencumbered cash. BitMine has accelerated ETH purchases—weekly buys rose 39%, netting 96,798 ETH ahead of the Fusaka upgrade scheduled for Dec. 3, which aims to improve scalability, security and usability. BMNR says it holds the largest public ETH treasury and plans to launch the Made in America Validator Network staking solution in early 2026 to deploy holdings and monetize staking. BMNR stock shows high liquidity (five-day ADV ~$1.7bn) and wide price swings (52-week range $3.20–$161), with share volatility tied to ETH price moves and treasury disclosures. Institutional backers cited in prior coverage (Galaxy Digital, Pantera, Founders Fund, ARK) support the strategy, though earlier reporting flagged dilution and execution risk from large equity programs. For traders: concentrated, growing public ETH reserves by a listed miner may increase correlation between ETH and BMNR equity, support ETH demand ahead of protocol upgrades, and create event-driven volatility around staking and treasury monetization milestones. Primary keywords: BitMine, ETH accumulation, Fusaka upgrade, crypto treasury, staking.
Bullish
Net effect on ETH price is likely bullish. BitMine’s sizable and growing public ETH treasury (3.73M ETH) and accelerated weekly purchases increase spot demand for ETH, especially in the run-up to the Fusaka upgrade—an event that historically concentrates buying ahead of perceived protocol improvements. The company’s stated plan to commercialize holdings via staking (Made in America Validator Network) and its large unencumbered cash position reduce immediate liquidation risk and signal long-term demand. Institutional backers and high liquidity in BMNR shares may amplify market attention and lead to correlated flows between ETH and BMNR equity, producing short-term volatility but net positive price pressure for ETH. Offsetting risks include execution risk on BitMine’s growth/monetization plans and possible future equity dilution; these factors could cap upside or create episodic sell pressure. Overall, immediate/short-term impact is likely supportive for ETH (buying pressure ahead of the upgrade), while medium-to-long-term bullishness depends on successful staking monetization and sustained accumulation without heavy sell-side dilution.