Ethereum News Today: BitMine's Ethereum Gamble: Staking Future on Fusaka and 5% Treasury Target

BitMine Immersion Technologies (BMNR), led by market strategist Tom Lee, has solidified its position as the largest Ethereum treasury in the world by accumulating 3.63 million ETH-over 3% of the total supply-as of November 2025. The company's aggressive buying spree, which accelerated ahead of Ethereum's upcoming Fusaka upgrade, underscores its strategic pivot from Bitcoin mining to a concentrated Ethereum-centric model. With combined crypto, cash, and "moonshot" assets totaling $12.1 billion, BitMine now holds nearly two-thirds of its stated goal to control 5% of ETH.

The recent accumulation has been marked by a 39% increase in weekly purchases, with the firm acquiring 96,798 ETH ($273 million) in the week ending November 28 alone. Despite Ethereum's 30% monthly price decline, BitMine has doubled down, leveraging lower prices to expand its holdings. This strategy has positioned the company to hold 3.63 million ETH, valued at approximately $10.39 billion as of late November. However, the company faces significant unrealized losses, with estimates suggesting its ETH holdings have lost $4–4.2 billion in value since August's peak.

BitMine's financials reflect both growth and risk. The firm reported fiscal 2025 net income of $328.2 million, driven largely by unrealized gains on its crypto holdings, and declared a symbolic $0.01-per-share dividend-the first from a "large-cap crypto company". Yet its stock remains volatile, down 80% from its peak and trading near $28 as of November 24. Analysts attribute this to equity dilution from at-the-market offerings, which increased the share count by 146 million since 2025, and the broader crypto market's bearish sentiment.

The company's future hinges on several catalysts. The Fusaka upgrade, set for December 3, aims to enhance Ethereum's scalability by improving data availability for layer-2 solutions, potentially boosting demand for ETH. BitMine's Made-in-America Validator Network (MAVAN), a staking infrastructure slated for early 2026, is another key driver. The firm positions MAVAN as a competitive staking solution to offset high advisory fees and generate sustainable yields from its vast ETH holdings.

Market reactions to BitMine's strategy are mixed. While its treasury model has attracted high-profile investors, like Cathie Wood and Founders Fund, critics highlight concentration risk, regulatory uncertainties, and the challenge of maintaining profitability amid fluctuating crypto prices. The company's annual shareholder meeting on January 15, 2026, will likely address progress toward its 5% ETH target, capital allocation, and strategic updates.

As the crypto landscape evolves, BitMine's trajectory remains a high-stakes bet on Ethereum's long-term potential. Its success will depend on the Fusaka upgrade's impact, Ethereum's price recovery, and the viability of its staking infrastructure-factors that could either validate its aggressive strategy or amplify its vulnerabilities.