Bitmine Reveals 3.6M ETH Hoard as Chairman Flags Market Maker Weakness

Bitmine Immersion Technologies has disclosed 3.6 million ethereum ( ETH) in its treasury as part of a broader $11.8 billion holdings update tied to its November chairman’s message.

Bitmine Shares November Update

Bitmine Immersion Technologies said its crypto, cash and “moonshots” now total $11.8 billion, with the company controlling 3,559,879 ETH—roughly 2.9% of the token’s circulating supply. As of Nov. 16, Bitmine’s stash also includes 192 bitcoin and $607 million in unencumbered cash, based on Bloomberg pricing.

According to Chairman Tom Lee, recent market weakness appears tied to liquidity stress among one or more crypto market makers. Lee said the downturn that followed the Oct. 10 deleveraging event shows symptoms of a balance-sheet “hole,” prompting reduced liquidity provision—something he compared to a form of quantitative tightening. In 2022, he noted, the same dynamic lasted six to eight weeks.

Bitmine positions itself as the world’s largest ethereum treasury firm and the second-largest crypto treasury overall, trailing only Strategy Inc.’s BTC holdings. Lee argued in the November message that this crypto cycle’s peak likely remains 12 to 36 months out, a departure from the timing seen in earlier market cycles.

Ethereum’s underlying activity also features heavily in the chairman’s note, which points to the upcoming Fusaka upgrade, rising stablecoin use, and the acceleration of tokenized stocks, bonds, and real estate. Lee described tokenization as an “unlock” that allows assets to be structured by geography, time, or product—offering issuers and investors new forms of transparency.

Also read: Strategy Nears 650,000 Bitcoin After Its Latest 8,178 BTC Grab

Lee further compared recent U.S. policy moves affecting digital assets—including the GENIUS Act and SEC’s Project Crypto—to the 1971 end of the Bretton Woods system. That shift, he said, paved the way for modern Wall Street; he suggested current regulatory changes could mark a similar structural transition for financial markets.

Bitmine’s trading activity remains unusually high for a crypto-linked equity, with the stock ranked 48th in the United States by average daily dollar volume at $1.4 billion over the past five days. The company attributes continued institutional interest partly to liquidity strength, even as crypto-equity trading volumes work to recover from October’s deleveraging shock.

FAQ ❓

• **What did Bitmine announce in November?**Bitmine disclosed $11.8 billion in assets, including 3.6 million ETH.
• **How much of the ethereum supply does Bitmine hold?**Bitmine controls about 2.9% of all existing ETH tokens.
• **What concerns were raised in the chairman’s message?**The note points to liquidity stress among market makers following October’s deleveraging.
• **What future outlook did Bitmine’s chairman outline?**He said the crypto cycle’s peak may still be 12 to 36 months away.