BitMine Buys $44M in Ethereum, Aims to Control 5% of Total ETH Supply
Key Takeaways
- Ethereum treasury company BitMine Immersions has made a fresh purchase of 14,618 ETH for $44.34 million on November 28, at an average cost basis of $3,033 per coin.
- This purchase takes the company’s total holdings to 3.629 million ETH, valued at $11.97 billion. It is also the largest Ethereum treasury firm and one of the largest digital asset treasuries (DAT) in the world.
- BitMine has a long-term plan to hold 5% of ETH’s total supply, and the company is halfway through that target, with its active holdings representing 3.06% of the circulating supply.
- ETH’s fall below the $3,000 mark over the past 30 days has severely affected BitMine’s mNAV, with the company sitting on $3.7 billion in unrealized losses on its holdings.
Las Vegas-based blockchain technology and crypto mining firm Bitmine Immersion Technologies (BMNR) has acquired 14,618 ETH, valued at $44.34 million, as it aims to become the MicroStrategy of Ethereum by making strategic treasury acquisitions.
This massive purchase marks one of the most significant institutional crypto investments in Q3 2025, while signalling the Tom Lee-chaired company’s strong confidence in Ethereum’s long-term value proposition.
BitMine Buys 14,618 ETH Worth $44M, Targets 5% of Ethereum’s Circulating Supply
According to a report from Onchain Lens, Bitmine bought 14,618 ETH via digital asset trust and security firm BitGo on November 28. The stockpile was acquired at an average price of approximately $3,033 per ETH.
This purchase is part of the company’s strategic effort to accumulate 5% of Ethereum’s circulating supply, in a plan referred to as the “Alchemy of 5%”. It indicates Bitmine’s shift from crypto mining to focus on building an industry-leading ETH treasury firm.
With the latest addition, BitMine’s total Ethereum holdings have crossed 3.63 million coins, valued at nearly $11 billion, representing 3% of the legacy crypto’s total supply. The company also holds 192 BTC, worth $17.55 million, and $800 million in cash, bringing the total valuation of its treasury to $11.2 billion.
BitMine’s growing influence on Ethereum’s liquidity positions it as a pivotal large-scale holder of the asset, similar to how Michael Saylor’s Strategy (MSTR) is for Bitcoin. The company’s stockpile is significantly influencing ETH’s market dynamics, reflecting important developments within the industry.
Possible implications include a reduction in the available supply of ETH in the open market and alterations in the second-largest crypto’s market liquidity.
BitMine to Launch MAVAN, a U.S.-Built Ethereum Staking Network, in Q1 2026
Tom Lee noted that BitMine’s acquisitions reflect growing institutional confidence in Ethereum’s price and Decentralized Finance utility, and align with increased stablecoin supply and activity on the blockchain.
Last week, the company announced the Made in America Validator Network (MAVAN), a secure institutional ETH staking infrastructure that is projected to launch in the first quarter of 2026. BitMine is currently piloting MAVAN with three Ethereum staking infrastructure providers
Staking is a process where tokens are delegated on proof-of-stake (PoS) blockchains, such as Ethereum and Solana, to process transactions and secure the network, while generating revenue through staking rewards that are paid out in the native asset of the blockchain.
Lee believes that the company’s ETH strategy will “best serve” the long-term interests of its shareholders.
According to CoinGecko data, BitMine is the world’s largest Ethereum treasury, followed by SharpLink with 859,953 ETH ($2.59 billion), The Ether Machine with 496,712 ($1.47 billion), and Bit Digital with 153,546 ETH ($462.81 million). It is also among the largest digital asset treasury (DAT) firms, a sector dominated by Strategy, which owns 649,870 BTC, valued at $59.3 billion.
ETH Drops Below $3,000, Erasing BitMine’s Stock Premium and $3.7B in Unrealized Losses
The latest ETH purchase announcement comes amidst a general downturn in the crypto market that has severely impacted DATs, which have experienced a contraction in their multiple on-net asset value (mNAV) – a metric measuring the underlying crypto asset’s premium on the company’s stock.
BitMine’s BMNR stock has suffered alongside the decline in ETH prices. A recent report by 10X Research estimates that the Ethereum treasury firm is sitting on $3.7 billion in unrealized losses. The company is now at a loss of more than $1,000 on each ETH it holds, after accumulating a major portion of the stockpile during the crypto’s run-up to yearly highs in July and August.
ETH’s fall below $2,700 last week erased a year’s worth of gains for Ethereum treasury firms. However, its price has since recovered above $3,000, gaining nearly 8% over the previous seven days.
The treasury model also faces steep competition from asset managers like BlackRock, Bitwise, and Fidelity, which offer spot Ethereum exchange-traded funds (ETFs) that provide investors with lower-cost exposure to the crypto, including staking rewards.
According to SoSoValue data, BlackRock’s iShares Ethereum Trust ETF (ETHA) is the largest investment vehicle tracking ETH’s spot market performance, holding $11.2 billion in net assets. On November 26, the fund attracted $50.22 million in net inflows.
At the time of writing, Ether (ETH) is trading at $3,011 – down 0.6% in 24 hours.
Crypto & Blockchain Expert