BitMine Immersion Technologies (BMNR) has widened its lead as the world’s largest Ethereum treasury, announcing that its crypto, cash and moonshot holdings have reached $11.8 billion. The update coincides with the release of the company’s November Chairman’s message, which outlines why BitMine believes the current downturn is not this cycle’s peak.
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As of November 16 at 7:30 p.m. ET, BitMine holds 3,559,879 ETH priced at $3,120 each, along with 192 BTC, a $37 million stake in Eightco and $607 million in unencumbered cash. This stash amounts to 2.9 percent of the entire ETH supply, placing BitMine more than halfway toward what it calls the Alchemy of 5 Percent.
BitMine Accelerates Its Treasury Growth
BitMine said it now leads crypto treasury peers on both the velocity of crypto NAV-per-share growth and trading liquidity. BMNR has become the forty-eighth most traded stock in the United States, with a five-day average daily dollar volume of $1.4 billion. By that metric, it sits behind AbbVie and ahead of DoorDash among more than five thousand US-listed companies.
The firm remains the largest Ethereum treasury globally and the second largest digital asset treasury overall, trailing only Strategy Inc.
Tom Lee Points to Liquidity Shock Behind Crypto Slump
Chairman Thomas Lee said recent crypto weakness reflects fallout from October’s sharp liquidation.
“Crypto prices have not recovered since the liquidation event on Oct 10th. And the lingering weakness has the hallmarks of a market maker (or two) suffering from a crippled balance sheet,” Lee said. “When a market maker has a ‘hole’ on their balance sheet, they are seeking to raise capital and are reducing their liquidity functions in the market. This is the equivalent of QT (quantitative tightening) for crypto and has the effect of dampening prices. In 2022, this QT effect lasted for 6-8 weeks. And this is probably happening today.”
Lee added that BitMine does not think the crypto cycle has topped. “We look at five explanations for the crypto price cycle and conclude that two have important explanatory value. Both of these suggest a crypto cycle top likely 12-36 months away. Yes. This is a break from past cycle behavior.”
BitMine Highlights Tokenization as a Key Tailwind
Lee also emphasized Ethereum’s strengthening fundamentals. “Tokenization is a major unlock for asset markets as it is more than just fractionalization or 24/7 liquidity. It is the innovation driven by factorization of an asset by time, product or geography.”
BitMine said these long-term drivers support its strategy as it pushes toward owning 5 percent of all ETH.
At the time of writing, Ethereum is sitting at $3,037.
