**Institutions Keep Buying Ethereum: BitMine Immersion’s Relentless Accumulation**
The institutional appetite for Ethereum (ETH) shows no signs of slowing down. The latest move comes from BitMine Immersion (MNR), chaired by Tom Lee of Fundstrat, which has once again increased its Ethereum holdings despite recent price pressures.
### BitMine’s Recent Purchase and Holdings
Over the past week, BitMine Immersion acquired 110,288 ETH—a 34% increase compared to the previous week. This latest purchase brings BitMine’s total Ethereum holdings to approximately 3.5 million ETH, or about 2.9% of Ethereum’s total supply. At current prices, with ETH trading around $3,639 according to CoinMarketCap, that equates to roughly $12.7 billion.
Tom Lee describes the strategy simply: “Buy when others hesitate.” He notes, “The recent dip in ETH prices presented an attractive opportunity. We increased our ETH purchases this week and are now more than halfway toward our initial goal of owning 5% of the ETH supply.”
### Building Toward “The Alchemy of 5%”
BitMine’s ambitious target is to control 5% of all Ethereum. As of now, the company holds 3,505,723 ETH and maintains a growing balance sheet with sufficient liquidity to continue accumulating.
As of November 10, 2025, BitMine’s total crypto and investment assets stand at $13.2 billion, broken down as follows:
– 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
Despite months of steady accumulation, BitMine still holds nearly $400 million in cash, providing flexibility to continue buying ETH without selling other assets.
### Weekly Ethereum Buys Showcase Disciplined Accumulation
BitMine’s weekly Ethereum buying activity reveals a consistent, tactical approach:
– 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
In just six weeks, BitMine has accumulated over 850,000 ETH. Each purchase aligns with slight market pullbacks, indicating strategic positioning rather than speculation.
At an average acquisition cost of $4,020 per ETH, BitMine currently carries around $1.66 billion in unrealized losses. However, Lee’s long-term approach focuses on building exposure during dips rather than chasing rallies. As a Fundstrat analyst noted, “This isn’t about trading; it’s about building the largest Ethereum treasury in the world.”
### Second Largest Crypto Treasury on Earth
With 3.5 million ETH, BitMine holds the largest Ethereum treasury globally and ranks as the second-largest overall crypto treasury, trailing only MicroStrategy’s massive Bitcoin holdings.
The company’s ticker, MNR, has become a benchmark for institutional Ethereum exposure. Trading data reflects BitMine’s significant liquidity:
– Average daily dollar volume: $1.6 billion (5-day average as of Nov 7, 2025)
– Market ranking: 48th among all U.S.-listed equities
– Positioned just behind Lam Research (AM) and ahead of Arista Networks (NET)
– Total U.S.-listed stocks: 5,704
This places BitMine comfortably within the top 1% in terms of liquidity among thousands of listed firms—sharing standing with major technology companies rather than niche crypto experiments.
### Tom Lee: “Ethereum Is a Super Cycle Story”
Last week, BitMine and the Ethereum Foundation co-hosted a private event at the New York Stock Exchange, gathering asset managers, funds, and institutions. The focus was on tokenization, transparency, and blockchain’s evolving role.
According to Tom Lee, “Wall Street is very interested in tokenizing assets onto the blockchain. This creates greater transparency and unlocks new value for issuers and investors.”
Lee regards Ethereum as the focal point in this transformation, dubbing it a “super cycle story” for the next decade. The term “super cycle” resonates across crypto communities, reflecting a belief that Ethereum’s value growth is rooted not in hype or speculation but in institutional adoption, on-chain utility, and the development of real financial infrastructure on its network.
### Institutions Aren’t Trading, They’re Owning
Lee’s perspective aligns with a broader institutional sentiment: Ethereum has transitioned from being a tradeable asset to critical infrastructure. Staking rewards, tokenization of traditional assets, and the rise of regulated ETH-backed funds collectively position ETH as a yield-generating, programmable reserve asset.
BitMine emphasized this positioning in a recent post on X (formerly Twitter):
> “Big money is buying while prices are down. Are you?”
When ETH dipped below $3,400 earlier this month, BitMine increased purchasing activity, describing their approach as “building liquidity on chain.”
### The Treasury Strategy: Productive Staking and Influence
Behind these numbers lies a straightforward strategy: converting idle corporate cash into productive, staked ETH. By locking ETH in validator nodes, BitMine not only earns staking rewards but also helps strengthen Ethereum’s network security.
Each week, a growing share of BitMine’s holdings moves from cold storage into active staking pools. Controlling 3.5 million ETH, BitMine’s validators likely represent over 3% of Ethereum’s total staking network. This grants BitMine substantial influence—not just financially but technically—within the Ethereum ecosystem.
### Cash Reserves Provide Flexibility
BitMine’s $398 million cash reserve serves both as a financial safety net and a war chest. Notably, the company increased its cash position from $389 million to $398 million during the same week it added more ETH, indicating robust internal liquidity.
This strong financial footing allows BitMine to absorb market volatility without the need to liquidate holdings or hedge, enabling continued accumulation even if Ethereum’s price sees further corrections.
### Beyond Ethereum: Smaller “Moonshot” Investments
While ETH remains at the core, BitMine’s portfolio includes $61 million invested in Eightco Holdings (NASDAQ: ORBS), considered a “moonshot”—a smaller, higher-risk blockchain investment.
These secondary investments reflect a willingness to explore emerging blockchain layers and enterprise adoption opportunities. Still, as Lee asserts, “We’re building an Ethereum-based balance sheet. Everything else revolves around it.”
### A New Era of Institutional Crypto Treasuries
BitMine’s rapid growth underscores a market shift toward institutional crypto treasury management. Just as MicroStrategy defined Bitcoin as the corporate treasury story of the 2020s, BitMine is carving out that narrative for Ethereum.
Their approach is clear: consistent buying, disciplined staking, and transparent public disclosures. As more companies adopt similar models, the liquid supply of ETH shrinks, 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 Ahead
The real question is not if institutions are buying Ethereum, but how much further accumulation will take place before this trend becomes impossible to ignore.
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*Disclosure: This article does not constitute trading or investment advice. Always conduct your own research before buying any cryptocurrency or engaging with investment services.*
https://nulltx.com/bitmine-tightens-its-grip-on-ethereum-adds-another-110000-eth/
