Ethereum Updates Today: BitMine Bets Big on Fusaka for Ethereum, Aiming for 5% Treasury Allocation

BitMine Immersion Technologies: Leading the Global Ethereum Treasury

Under the leadership of market strategist Tom Lee, BitMine Immersion Technologies (BMNR) has established itself as the world's largest holder of Ethereum, amassing 3.63 million ETH—over 3% of the entire supply—by November 2025. This significant accumulation reflects a deliberate shift in the company’s focus, moving away from Bitcoin mining to concentrate on Ethereum, especially in anticipation of the upcoming Fusaka network upgrade. With a combined portfolio of cryptocurrency, cash, and high-risk investments totaling $12.1 billion, BitMine is now close to achieving two-thirds of its ambitious goal to control 5% of all ETH in circulation.

The company’s recent buying activity has surged, with weekly Ethereum purchases jumping by 39%. In the week ending November 28 alone, BitMine acquired 96,798 ETH, valued at $273 million. Despite a 30% drop in Ethereum’s price over the past month, BitMine has taken advantage of the lower prices to further expand its holdings. As a result, the company’s Ethereum reserves are now valued at approximately $10.39 billion as of late November. However, this aggressive strategy has not been without risk—unrealized losses on its ETH holdings are estimated between $4 billion and $4.2 billion since the price peak in August.

Financial Performance and Market Challenges

BitMine’s financial reports for fiscal 2025 show a net income of $328.2 million, largely attributed to unrealized gains from its crypto assets. The company also made headlines by announcing a symbolic dividend of $0.01 per share, marking a first among major crypto firms. Nevertheless, BitMine’s stock has experienced significant volatility, falling 80% from its highest point and trading near $28 as of November 24. Analysts point to share dilution from at-the-market offerings—which increased the share count by 146 million since 2025—and the overall bearish trend in the crypto sector as key reasons for this decline.

Looking Ahead: Key Developments and Risks

Several upcoming events could shape BitMine’s future. The Fusaka upgrade, scheduled for December 3, is designed to improve Ethereum’s scalability by enhancing data availability for layer-2 solutions, which may increase demand for ETH. Another major initiative is the launch of BitMine’s Made-in-America Validator Network (MAVAN), expected in early 2026. MAVAN aims to provide a competitive staking platform, helping the company generate steady returns from its large Ethereum reserves while reducing reliance on costly advisory services.

Investor Sentiment and Strategic Outlook

Reactions to BitMine’s bold strategy are divided. While its treasury approach has attracted prominent backers such as Cathie Wood and Founders Fund, skeptics warn of risks related to asset concentration, regulatory challenges, and the difficulty of sustaining profits in a volatile crypto market. The company’s annual shareholder meeting, set for January 15, 2026, is expected to address progress toward the 5% ETH ownership target, capital management, and future plans.

As the digital asset landscape continues to shift, BitMine’s fortunes are closely tied to Ethereum’s long-term prospects. The outcome of the Fusaka upgrade, the recovery of ETH prices, and the success of its staking infrastructure will all play crucial roles in determining whether BitMine’s aggressive approach pays off or exposes the company to greater risks.