Ethereum News Today: BitMine's $13.7B Treasury Defies Bear Market, Targets 5% ETH Dominance

BitMine Immersion (BMNR) has solidified its position as the largest public Ethereum treasury holder, with total crypto and cash holdings reaching $13.7 billion as of November 2025, according to a Marketscreener announcement. The firm now controls 3.4 million ETH tokens, representing 2.8% of the Ethereum supply, as it advances toward its ambitious "Alchemy of 5%" strategy to acquire 5% of the total ETH supply, the announcement said. This places BitMine ahead of competitors like Strategy Inc (MSTR) in ETH treasury size and cements its role as a key market actor in institutional crypto accumulation, according to a Crypto Economy article.

The company's latest acquisition, a $29.28 million purchase of 7,660 ETH via Galaxy Digital's over-the-counter desk, underscores its aggressive buying strategy, according to a Coinotag report. Over the past 30 days alone, BitMine has added 662,169 ETH to its holdings, with institutional backing from figures such as Ark Invest's Cathie Wood, Galaxy Digital, and Kraken supporting its long-term vision, the Marketscreener announcement noted. BitMine's CEO, Tom Lee, has emphasized Ethereum's growing utility in decentralized finance (DeFi) and layer-2 scaling solutions as a driver of its accumulation efforts, comments he gave to Coinotag.

Ethereum's price dynamics remain mixed. While BitMine's purchases have provided some short-term stability, broader market fundamentals show bearish momentum. Ethereum currently trades at $3,714, below its 30-day moving average of $3,847, with the Relative Strength Index (RSI) at 26.45 indicating oversold conditions, according to a Crypto.news report. Matrixport analysts caution that BitMine's net asset value (NAV) is "only marginally above issuance levels," suggesting potential dilution risks for shareholders if the firm continues to raise capital to fund further ETH purchases, the same Crypto.news report added.

The company's treasury also includes 192 Bitcoin (BTC) and an $88 million stake in Eightco Holdings, reflecting a diversified approach to crypto treasury management, as reported by Crypto Economy. BitMine's institutional partners, including Founders Fund and Pantera Capital, view Ethereum's upcoming Fusaka upgrade in December 2025 as a catalyst for renewed buying activity, according to a Coinotag analysis. The upgrade, aimed at improving scalability and reducing transaction costs, aligns with BitMine's focus on Ethereum as "programmable financial infrastructure," the Coinotag piece noted.

Despite institutional confidence, retail sentiment remains cautious. Year-end price targets for Ethereum have dropped to $5,000, influenced by Federal Reserve policy signals and broader macroeconomic pressures, Coinotag reported. However, on-chain data shows over 60% of Ethereum's supply is held in illiquid wallets, potentially supporting price stability amid weak retail participation, the Coinotag piece added.

BitMine's stock liquidity further amplifies its market influence. The firm ranks as the 60th most traded U.S. equity, with a five-day average daily trading volume of $1.5 billion, the Marketscreener announcement said. Combined with MSTR's Bitcoin-focused strategy, BitMine accounts for 88% of global digital asset trading volume, highlighting its velocity in raising crypto net asset value per share, Crypto Economy reported.