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Bitmine Immersion Technologies, backed by Fundstrat’s Tom Lee, has continued its aggressive Ethereum accumulation strategy, purchasing an additional 14,618 ETH valued at approximately $44.34 million, according to Onchain Lens data from November 28. The transfer originated from a BitGo hot wallet, further signaling the firm’s steady on-chain activity. With this latest acquisition, Bitmine Immersion now controls roughly 3.6 million ETH—equivalent to 3% of Ethereum’s circulating supply. Yahoo Finance data places the company’s enterprise value at $12.19 billion and its crypto reserves at $11.2 billion, giving it an mNAV ratio of 1.08.
The firm’s buying spree comes amid strengthening inflows into U.S.-listed spot Ethereum ETFs. Earlier this week, BlackRock and Fidelity recorded significant ETH inflows ahead of the Thanksgiving market pause. Bitmine Immersion has also made multiple large purchases recently, including 28,625 ETH worth $82.11 million and 21,537 ETH valued at $60 million through FalconX, demonstrating a consistent “buy-the-dip” strategy aligned with growing institutional confidence.
Investor sentiment appears to be responding positively. BMNR stock surged nearly 9.8% to close at $31.74 on Wednesday and gained an additional 3.65% in after-hours trading. Institutional ownership has also soared from 10 million to 100 million shares within one month, highlighting heightened interest in the company’s Ethereum-focused strategy.
Ethereum itself continues to trade above the key $3,000 level, posting a weekly gain of nearly 15%. While 24-hour trading volume has dipped 31%, derivatives market activity is picking up. CoinGlass data shows Ethereum futures open interest rising 0.71% in the last four hours to $36.20 billion, suggesting renewed bullish momentum. Analysts say that with an RSI breakout on the ETH/BTC daily chart, a weekly close above $3,000 could propel Ethereum toward the $3,300–$3,400 range as buyers regain control.
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