BitMine Immersion Technologies continues aggressive Ethereum accumulation even as corporate treasury buying across the sector has collapsed 81% since the August peak.
Digital asset treasury companies recorded just $1.32 billion in monthly inflows for November, the lowest level in 2025 and an 88% decline from September's $11.55 billion.
BitMine bucked the trend by adding 96,798 ETH in the final week of November, a $273 million purchase that brought its total holdings to 3.73 million tokens.
What Happened
BitMine now ranks as the world's largest corporate Ethereum holder with 2.83 million ETH as of December 2025, valued at approximately $8.95 billion. The company owns more than 3% of Ethereum's total supply, positioning itself two-thirds of the way toward its stated goal of holding 5% of all ETH.
The buying surge comes as most major treasury companies have paused or slowed accumulation. SharpLink Gaming, led by Ethereum co-founder Joseph Lubin, holds 859,853 ETH worth roughly $3.5 billion as of October.
The Ether Machine ranks third among public Ethereum treasuries with 495,362 ETH, valued at approximately $2.14 billion. The company secured a $654 million commitment from Blockchains founder Jeffrey Berns in September.
BitMine's latest purchase preceded Ethereum's Fusaka upgrade, which activated December 3 with improvements in scalability and security. The company maintains $882 million in unencumbered cash reserves for additional acquisitions.
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Fundstrat chair Tom Lee, who leads BitMine's board, argues the aggressive accumulation suggests Ethereum has found a cyclical bottom. The company's stock has experienced extreme volatility, dropping 32% from $42.86 to $28.94 in November amid broader crypto market weakness.
Why It Matters
The 81% decline in corporate Ethereum buying since August marks one of the sharpest retracements in 2025, signaling reduced institutional appetite for direct treasury accumulation. November's $1.32 billion in total digital asset treasury inflows represented a 34% drop from October's $1.99 billion.
Ethereum-focused treasuries actually recorded net outflows of $37 million in November despite BitMine's continued purchases. The broader slowdown reflects falling crypto prices that have made capital raising more difficult for treasury companies.
BitMine's contrarian strategy stands out in an environment where most peers have retreated. The company plans to launch its Made in America Validator Network in early 2026, transforming from a passive holder into a yield-generating ETH infrastructure platform.
The staking initiative could enable BitMine to generate several hundred million dollars annually in pre-tax income if it achieves a 3% ETH staking yield on its current holdings. This would convert volatile net asset value into recurring income streams.
Meanwhile, ETF-related demand for Ethereum remains strong despite the treasury slowdown. Strategic Ethereum Reserve data shows ETH held by staking entities and ETF-linked custodians climbing steadily from 3.5 million tokens in June to nearly 14 million by December.
The divergence between declining treasury purchases and rising ETF reserves suggests institutional demand has shifted from private corporate holdings to regulated, yield-generating investment products. This structural change could reshape how institutions access Ethereum exposure in 2026.
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