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- BitMine boosts ETH holdings as other treasuries reduce exposure amid market stress

- Firm continues buying despite $4B unrealized losses and sector-wide de-risking

- Fusaka upgrade and Fed policy shifts influence BitMine's accelerated accumulation

BitMine Immersion Technologies (NYSE: $BMNR ) increased its Ethereum (CRYPTO: $ETH ) position again last week, countering a broader pullback across digital-asset treasuries. The firm disclosed that it added 96,798 ETH during the period, extending an accumulation pattern that has persisted through weeks of market volatility, declining valuations, and widespread treasury de-risking. The expansion arrives just days before Ethereum's Fusaka upgrade and at a time when macro signals remain central to corporate balance-sheet decisions.

Company disclosures indicated that BitMine's total holdings reached 3.73 million ETH following the latest purchases, a stash with an estimated value of roughly $10.5 billion based on recent prices. Other digital-asset treasuries took a different route as falling market levels strained balance sheets. Several halted purchasing plans, while others shifted to selling in an effort to narrow gaps between their equity prices and underlying asset values.

Industry data showed that the decline in prices pushed many firms to reassess risk tolerance. Some sought to protect liquidity positions, while others adjusted exposures to reflect the sector's ongoing swings. Despite this environment, BitMine maintained a weekly accumulation schedule even as it carried unrealized losses estimated at more than $4 billion on its Ethereum holdings.

Fusaka Upgrade and Market Stabilization Shape Outlook

BitMine Chairman Thomas Lee pointed to market conditions as a key factor behind the increase in buying activity. He referenced Ethereum's upcoming Fusaka upgrade, scheduled to go live on Dec. 3, noting that the event is set to enhance scalability and security across the network. The firm also cited signs of stabilization more than seven weeks after the Oct. 10 market crash, with the environment contributing to a 39% rise in weekly purchases.

Lee also highlighted U.S. monetary policy developments expected in December. The Federal Reserve is preparing to end its balance-sheet shrinkage and is projected to lower interest rates on Dec. 10. These signals have been monitored by companies evaluating how shifting economic conditions may influence long-term digital-asset strategies.

While most corporate treasuries adjusted downward due to pressure across the sector, BitMine continued to build its position ahead of a major network upgrade and key macro events. The firm's approach sets it apart during a period defined by caution across much of the digital-asset landscape.