BitMine Immersion Technologies (BMNR) acquired 96,798 in ether (ETH), raising total holdings to 3.73 million tokens valued at $10.5 billion. The firm also holds 192 BTC, $36 million in ORBS, and $882 million in cash. Shares down 7.7% pre-market as ETH dropped to $2,800.

Digital asset treasuries are under pressure, some selling off to close the gap between stock price and net asset value. BitMine stands out as a buyer, though estimated to have $4 billion in unrealized losses on its ETH stash. Market conditions and Ethereum’s upcoming Fusaka upgrade motivate acquisitions.

Thomas Lee of BitMine cites upcoming Fusaka upgrade for Ethereum on December 3 as a reason for increased acquisitions. Federal Reserve expected to halt quantitative tightening this month and cut interest rates in December, with crypto markets stabilizing since October 10th crash. Weekly ETH purchases up 39%.

Read more at Yahoo Finance: Tom Lee’s BitMine Acquires 97K ETH, Eyeing Fusaka Upgrade, Fed Policy as Positive Catalysts