Tom Lee-led Ethereum Treasury company BitMine Immersion Technologies reported $11.8 billion in crypto, cash and moonshot assets, including 3.56 million ETH, 192 BTC and $607 million in cash.

The firm now holds 2.9% of Ethereum’s supply as it pushes toward its 5% goal.

Chairman Tom Lee said in a statement that the post-October weakness reflects stressed market makers. He argued that the cycle peak is still 12–36 months away, with Ethereum tokenization becoming a major long-term catalyst.

“Tokenization is a major unlock for asset markets as it is more than just fractionalization or 24/7 liquidity. It is the innovation driven by factorization of an asset by time, product or geography. This in turn will provide great market transparency for issuers and investors,” Lee stated.

BitMine remains the world’s largest ETH treasury and a top-50 U.S. stock by trading volume. It is also the second-largest global crypto treasury behind Strategy, which holds 649,870 BTC valued at over $61 billion.