BitMine Immersion reaches 3.73 million ETH tokens worth $12.1 billion

BitMine Immersion Technologies (NYSE American: BMNR) announced its cryptocurrency and cash holdings totaled $12.1 billion as of November 30, according to a company press release.

The company reported holding 3,726,499 ETH tokens valued at $3,008 per token based on Coinbase pricing, along with 192 Bitcoin, $36 million in Eightco Holdings (NASDAQ: ORBS) shares, and $882 million in unencumbered cash.

BitMine acquired 96,798 ETH tokens in the past week, increasing its weekly purchases by 39%. The company claims to own more than 3% of the total ETH token supply.

"We stepped up our weekly purchases of ETH by 39%," said Thomas Lee, chairman of BitMine and managing partner at Fundstrat, citing the upcoming Fusaka upgrade scheduled for December 3 and expected Federal Reserve actions as positive factors for ETH prices.

The company's stock traded an average daily volume of $1.7 billion over the past five days as of November 28, ranking as the 39th most traded stock in the United States among 5,704 listed companies, according to Fundstrat data.

BitMine will hold its annual shareholders meeting at the Wynn Las Vegas on January 15, 2026. The company operates Bitcoin mining facilities in Trinidad, Pecos, Texas, and Silverton, Texas.

The company is developing a staking solution called The Made in America Validator Network, which it plans to deploy in early 2026.

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