BitMine Expands its Ether Holdings as Purchases Top $70 Million in Three Days

BitMine has continued to increase its already massive Ether position after a series of new acquisitions across the weekend and early Monday. Blockchain data published by Lookonchain shows that the Ethereum-focused treasury firm bought 7,080 ETH for about $19.8 million on Monday. This followed a separate purchase of 16,693 ETH for roughly $50.1 million over the weekend. The combined total reached nearly $70 million in three days.

These purchases extend an accumulation strategy that BitMine has maintained throughout recent volatility. The company has built one of the largest corporate Ether stockpiles anywhere in the market and continues to move toward long-term goals despite a steep drawdown in ETH prices.

BitMine deepens its Ether bet despite losses

Strategicethreserve.xyz shows BitMine as the largest Ether-focused digital asset treasury by a significant margin. The firm states that it now holds around 3.7 million ETH. Its average cost sits at $3,008 per token, which leaves the company in a loss position at current market prices.

Management has not slowed its buying. BitMine says it is about 62% to 63% of the way toward a broader goal of controlling 5% of the total ETH supply. Accumulation in November alone neared 150,000 ETH through multiple purchases executed during periods of price weakness.

A separate disclosure confirmed that the firm acquired approximately $70 million worth of Ether for its corporate treasury in a single day. The company frames these purchases as part of a long-term treasury strategy that aims to accumulate ETH during market dips and periods of uncertainty. BitMine emphasizes Ethereum’s role as the base layer for decentralized applications and smart contracts and views the asset as a cornerstone of its treasury allocation.

Tom Lee reiterates the supercycle thesis for Ether

Tom Lee, the executive chair of BitMine, has repeatedly expressed a bullish stance on ETH. Last month he said that Ether may be at the early stages of the type of growth cycle that led Bitcoin to a 100x rally after 2017. He argued that Ether’s recent weakness signals doubt and not deterioration.

Lee wrote:

“We believe ETH is embarking on that same Supercycle.” He added: “To have gained from that 100x Supercycle, one had to stomach existential moments to HODL.”

He also noted that his firm recommended Bitcoin to Fundstrat clients in 2017 when BTC traded near $1,000. He pointed out that Bitcoin went through several drawdowns of up to 75% before it ultimately surged more than 100-fold.

ETH has trailed Bitcoin during 2025. Ether reached its all-time high of $4,946 in August, while Bitcoin climbed above $126,000 in October.

BitMine appoints new CEO as part of a broader expansion

BitMine recently named Chi Tsang as its new chief executive, replacing Jonathan Bates. The company said the leadership transition took effect immediately.

Tsang stated:

“With its substantial Ethereum holdings and credibility with both Wall Street and the Ethereum ecosystem, BitMine is positioned to become a leading financial institution.”

The company also appointed three new independent board members. The changes arrived as whales across the Ethereum network increased their exposure. According to CryptoQuant, wallets holding between 10,000 and 100,000 ETH increased their holdings by 7.6 million ETH since April, a 52% rise. Smaller holders reduced their balances during the same period.

Market pressure persists as ETH struggles to recover

Ethereum has faced a difficult environment in recent weeks. ETH has fallen almost 30% in the past 30 days and trades more than 43% below its August peak. Outflows from Ethereum ETFs have intensified this pressure. There is still a lot of volatility, and traders should be careful as they get ready for possible swings.

BitMine continues to justify its purchases with expectations of future catalysts. Lee said:

“In the past week, BitMine acquired 96,798 ETH tokens. Collectively, we see these acting as positive tailwinds for ETH prices, and thus, we stepped up our weekly purchases of ETH by 39%.”

He pointed to factors such as the upcoming Fusaka upgrade and the possibility of a Federal Reserve rate cut.

If Fusaka activates without network disruptions and if ETF flows stabilize, the market could see a re-pricing that narrows the gap between the average cost basis of large holders and market price. If macro or risk-off conditions persist, then large holders may accept longer unrealized losses as they pursue long-term strategic objectives. The current mix of factors makes timing uncertain but increases the probability of above-average volatility over the upgrade horizon.

BitMine prepares institutional staking rollout

BitMine is also preparing a large-scale staking service called the Made in America Validator Network. The firm says it plans to deliver a compliant infrastructure model for institutions. Lee said:

“We continue to make progress on our staking solution known as The Made in America Validator Network (MAVAN). This will be the ‘best-in-class’ solution offering secure staking infrastructure and will be deployed in early calendar 2026.”

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