BitMine attributed the November slowdown to market volatility tied to the October price shock when Ethereum experienced significant downward pressure.
Ethereum News
BitMine Immersion Technologies purchased 102,259 Ethereum worth approximately $321.1 million last week as the firm continues accumulating toward its goal of holding 5% of the asset's total supply. The NYSE American-listed company disclosed Monday that its holdings now stand at 3,967,210 Ethereum bought at an average price of $3,074 per token.
The digital asset treasury is valued near $12.5 billion at current prices. BitMine's stash represents approximately 3.2% of all circulating Ether, making it the world's largest Ethereum corporate treasury holder according to the company's announcement.
The firm also holds 193 Bitcoin, $1 billion in cash, and a $38 million strategic stake in Eightco Holdings. Combined crypto, cash, and investment holdings total approximately $13.3 billion as of Monday, positioning BitMine as the second-largest corporate crypto treasury overall, behind Strategy.
The latest purchase follows two consecutive weeks of accelerated accumulation after a quieter November. BitMine attributed the November slowdown to market volatility tied to the October price shock when Ethereum experienced significant downward pressure.
BitMine Chairman Tom Lee said the firm continues to see structural tailwinds for Ethereum. Lee cited regulatory and legislative shifts in Washington alongside stronger institutional engagement as factors that strengthen conviction in the accumulation strategy.
Crypto prices have stabilized over the past week, providing further evidence that recovery is underway, according to Lee. The developments strengthen BitMine's belief that the best days for crypto lie ahead, driving continued purchases toward the firm's 5% target, known as the alchemy of 5%.
Ethereum is trading near $2,920 at the time of writing. BMNR stock shed 6% following Monday's disclosure, extending recent declines as shares have dropped nearly 80% since hitting a yearly peak of $161 on June 30.
BitMine reiterated plans to deploy its Made in America Validator Network in early 2026. The MAVAN staking solution is positioned as a best-in-class offering designed to complement the firm's Ethereum accumulation strategy and generate yield on holdings.
Monday's update arrives alongside renewed industry attention on Ethereum's role in tokenization. Lee posted on X Friday that Ethereum is the future of finance, referencing JPMorgan's move to launch a tokenized money market fund on the network as evidence of institutional adoption trends gaining momentum.
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