Did BitMine Buy 100k ETH Ahead of Fusaka Upgrade?

TL;DR: BitMine Immersion Technologies, led by Tom Lee, added 96,798 ETH in one week — nearly $11 billion locked in — betting boldly on Ethereum’s Fusaka upgrade. While many digital asset firms are pulling back amid crypto’s downturn, BitMine is doubling down.

Why BitMine’s Massive ETH Buy-in Could Shape Your Funding Strategy

Here’s the thing: if you’re running a startup or hunting for investment, BitMine’s recent moves are a playbook worth paying attention to. Buying up ETH before a big protocol upgrade isn’t just speculation — it’s a way to balance risk and reward. So, what does that mean for you? Let’s dig in.

What Exactly Is Ethereum’s Fusaka Upgrade — And Why Should You Care?

Set for December 3, 2025, Fusaka merges two big updates — the consensus layer (called Fulu) and the execution layer (known as Osaka). What is Ethereum Fusaka Upgrade Its headline feature, PeerDAS (Peer Data Availability Sampling), lets nodes check small data pieces instead of downloading huge blobs. That cuts bandwidth and lowers the entry bar. Ethereum Fusaka Upgrade Explained

Other changes include:

Bigger block gas limits for handling more transactions What is Ethereum Fusaka Upgrade
Blob Parameter-Only (BPO) forks that gradually scale data capacity Ethereum Fusaka Upgrade Explained
EVM enhancements, new opcodes, and better developer tools, adding more flexibility Ethereum Fusaka Upgrade

If your company’s tech stack revolves around Ethereum — think DeFi protocols, infrastructure, or tooling — you’re probably first in line to benefit.

BitMine’s ETH Buying Spree: Just How Big Is It?

Last week, BitMine snapped up 96,798 ETH, bringing their total stash to about 3.73 million ETH, worth roughly $10.5 billion — even with markets down. Tom Lee’s BitMine Acquires 97k ETH; Eyeing Fusaka Upgrade, Fed Policy as Positive Catalysts They’re sitting on nearly $882 million in cash, plus smaller amounts in other crypto and equities.

What’s interesting here is not just the volume but the pace — Tom Lee mentioned they ramped up buying by 39% compared to the previous week. That’s aggressive. I’ve found that moving fast like this can signal serious conviction, especially when others are pulling back.

Real-World Moves Inspired by BitMine

Tom Lee and BitMine kept buying ETH even during price dips, betting on Fusaka and potential shifts in Fed policy. Tom Lee’s BitMine Acquires 97k ETH; Eyeing Fusaka Upgrade, Fed Policy as Positive Catalysts
Earlier, they bought 110,288 ETH (~$400 million) to build holdings close to 3% of total supply. Tom Lee’s BitMine Kept Buying Ether; Added 110k Tokens to Holdings
Bottom line: volatility isn’t just risk — it’s also opportunity. Companies that stayed solvent and acted early often saw outsized returns.

What You Need to Watch Out For

ETH prices swing wildly. BitMine’s sitting on billions in unrealized losses — so don’t expect every trade to be a win. Tom Lee’s BitMine Acquires 97k ETH; Eyeing Fusaka Upgrade, Fed Policy as Positive Catalysts Holding large crypto treasuries opens regulatory, tax, and accounting headaches, especially if your legal team isn’t up to speed. Plus, protocol upgrades like Fusaka carry technical risks — bugs or delays could throw off your timeline or plans.

FAQ

Should startups hold crypto on their balance sheets?

Maybe — it really depends on your business model and appetite for risk. If you’re building on Ethereum, holding some ETH can align your incentives and reduce reliance on spot markets. But don’t overextend — you don’t want to jeopardize your runway.

Will Fusaka really cut costs for Layer-2 solutions?

Definitely. PeerDAS cuts bandwidth and storage needs. After Fusaka, BPO forks increase blob capacity, helping ease congestion and lower fees. What is Ethereum Fusaka Upgrade

How does this influence investor chats?

Showing you understand and time your moves around major protocol changes proves you’re thinking strategically. It shifts the conversation from “just another startup” to “building foundational infrastructure.”

How to Steal a Page From BitMine’s Playbook for Your Funding Plan

Start by auditing your current ETH or protocol exposure. How much do you really need to impact your product or operations? Next, tighten up your messaging. Drop specific dates like December 2025 and the Fusaka upgrade into your roadmap discussions to show you’re on top of things.

Lastly, raise capital with optionality. BitMine’s strength comes partly from its cash reserves. If you’re working in crypto-native spaces, having liquidity means you can move fast while others hesitate.

If you’re gearing up to raise funds or talk to investors, let’s map out how to turn protocol upgrades and timing into your secret weapon. I’m here to help you build that playbook.