- BitMine added more than 54,000 ETH worth US$173M (AU$264M), lifting its holdings to almost 3.6M ETH and raising cash reserves to US$607M (AU$929M).
- Company Chairman Thomas Lee linked the broader crypto pullback to a liquidity contraction triggered by a wounded market maker reducing activity after the October crash.
- Lee believes the market cycle has not peaked and highlighted Ethereum-based tokenisation as a major structural trend potentially stretching into 2026 or later.
BitMine Immersion Technologies significantly expanded its Ethereum reserves last week by securing more than 54,000 ETH, an amount worth about US$173 million (AU$264 million). The acquisition pushed the firm’s overall Ethereum balance to nearly 3.6 million tokens, leaving it holding close to 3% of the token’s total circulating supply.
Alongside building its ETH position, BitMine increased its cash holdings to US$607 million (AU$929 million), rising from US$398 million (AU$609 million) the week before.
BitMine retains a modest allocation of Bitcoin as well as equity in Eightco, an entity linked to the Worldcoin ecosystem. Despite its active accumulation strategy, BitMine’s share price fell by 2.6% on Monday, marking its weakest point since August, according to the reports.
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Liquidity Stress Across Crypto
BitMine Chairman Thomas Lee attributed the downturn in cryptocurrency prices to a sharp contraction in market liquidity following the October crash, which he said may have stemmed from a market maker reducing operations after sustaining losses.
Lee explained that when a market maker encounters a balance-sheet “hole,” it may pull back liquidity services and prioritise raising capital, creating conditions similar to a “quantitative tightening” event within digital assets. He referenced 2022 as an example, when a similar liquidity squeeze persisted for six to eight weeks.
Despite current market pressures, Lee indicated that BitMine does not believe the cycle has topped, with structural factors potentially pushing its peak into 2026 or later.
He also emphasised the growing importance of tokenising traditional assets on Ethereum, including stocks, bonds and real estate, noting that this development could unlock major opportunities across the financial landscape.
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