BitMine’s November ETH holding released alongside Chairman’s message sets the tone for one of the company’s most detailed monthly updates this year. The announcement outlines the latest numbers behind BitMine’s growing crypto treasury, while also sharing the Chairman’s perspective on cycle patterns, liquidity issues following October’s deleveraging event, and Ethereum’s broader structural tailwinds. The communication maintains a grounded tone, focusing on data, current market behavior, and the company’s positioning in a recovering environment.

Updated ETH Holdings and Treasury Position

BitMine Immersion Technologies reported that its crypto, cash, and “moonshots” portfolio stands at a combined value of 11.8 billion dollars. A central highlight of this update is the company’s 3.6 million ETH tokens, representing roughly 2.9 percent of the total ETH supply. The November filing places BitMine as the largest Ethereum treasury holder globally.

Alongside its ETH position, the company disclosed holdings of one hundred ninety-two Bitcoin, a thirty-seven million dollar stake in Eightco Holdings, and over six hundred million dollars in unencumbered cash. According to Bloomberg pricing at the time of calculation, the ETH figures were based on a three-thousand one-hundred twenty dollar reference level.

BitMine framed this portfolio update as part of its long-term goal of approaching what it calls the “Alchemy of 5 percent,” referring to an eventual target of owning five percent of the ETH supply. The company’s Chairman, Thomas “Tom” Lee, reinforced that treasury growth remains central to BitMine’s strategy and noted that the platform continues to maintain strong interest from institutional investors including ARK’s Cathie Wood, Founders Fund, Pantera, Kraken, and others.

The report also reaffirmed BitMine’s position relative to other treasury holders. While Strategy Inc. remains the leading global Bitcoin holder with six hundred forty-one thousand BTC, BitMine emphasized that it leads in Ethereum and remains competitive in overall crypto treasury size.

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Insights From the November Chairman’s Message

BitMine’s November ETH holding released alongside Chairman’s message also provided clarity on market behavior following the large deleveraging event that occurred on October tenth. Lee pointed out that crypto prices have not fully recovered since that single-day liquidation and suggested that current market weakness resembles the effects of a constrained market maker balance sheet. He likened this to a temporary period of quantitative tightening for the crypto market, noting that similar conditions lasted six to eight weeks in twenty twenty-two. However, these observations were shared as context, not as predictions.

A section of the message focused on the company’s analysis of the four-year price cycle. While the full details remain within the formal communication, BitMine highlighted that two of the examined explanations appear to have meaningful relevance. Based on these, the message stated that the expected peak of the current crypto cycle may be twelve to thirty-six months away, though the exact timing remains uncertain.

The Chairman also revisited Ethereum’s strengthening fundamentals. He referenced the upcoming Fusaka upgrade, rising stablecoin activity, and growing adoption of tokenized assets including real estate, stocks, and bonds. According to the message, tokenization is not only about fractionalization or extended trading hours but also about improving the structure of traditional assets through factorization across geography, product type, and time frames. The message described this as a shift that increases transparency and flexibility for issuers and investors.

In addition, broader financial regulatory developments such as the GENIUS Act and the SEC’s Project Crypto were noted as significant for twenty twenty-five. These were compared to the impact of the United States ending its gold-standard linkage in nineteen seventy-one, though BitMine framed the comparison purely in terms of structural change rather than expected returns.

Where BitMine Stands Now

The November update positions BitMine as one of the most actively traded US-listed stocks, reporting an average daily trading volume of 1.4 billion dollars and ranking forty-eight among more than five thousand US-listed equities. The Chairman attributed this liquidity to increased institutional participation and a seasonally stronger fourth quarter, though he indicated that crypto market volumes are still normalizing after October’s deleveraging.

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BitMine’s Road Ahead

BitMine’s November ETH holding released alongside Chairman’s message delivers a detailed look into the company’s positioning during a transitional period for the wider market. With a strengthened Ethereum treasury, expanding institutional interest, and a clear focus on long-term accumulation, BitMine continues moving toward its multi-year goals while acknowledging the near-term effects of market tightening.

The update keeps expectations grounded and reinforces BitMine’s emphasis on data, measured communication, and the role of Ethereum’s evolving ecosystem in shaping its strategy.