On November 18, 2025, BitMine Immersion Technologies (BMNR) announced the acquisition of over 54,000 ether worth approximately $173 million, raising its total holdings to nearly 3.6 million ETH and cash reserves to $607 million. This positions BMNR as the world's largest Ethereum treasury, now holding close to 3% of the token's supply and aiming for 5%[2][4]. Despite these strategic moves, BMNR shares have experienced heavy losses, dropping 24% this week and slipping 2.6% on Monday to their lowest since August, as crypto market weakness and reduced liquidity weigh on sentiment[1][2]. The appointment of Chi Tsang as CEO and board changes further signal a shift toward institutional Ethereum exposure[4]. The price decline is attributed to broader crypto market weakness, with company leadership citing liquidity tightening after the October crash as a key factor[2].