BitMine Immersion Technologies has significantly increased its Ethereum holdings, adding over 7,000 ether for approximately $19.8 million. This latest acquisition further bolsters its position as a major player in the Ethereum market, with its current stash representing over 3% of the flagship altcoin’s total supply.
Data tracked by on-chain analytics platform Lookonchain on December 2 indicates that a wallet associated with BitMine acquired 7,080 ETH on FalconX. This move continues a recent buying spree that commenced on Saturday.
Over the weekend, the same wallet purchased 16,693 ETH for approximately $50.1 million. This brings the total amount of ether accumulated by BitMine in the past three days to 23,773 ETH, valued at roughly $70 million.
With this latest acquisition, BitMine solidifies its status as the largest corporate holder of Ethereum. The firm's holdings now exceed 3.7 million ETH, according to a press release issued by the company on December 1.
BitMine Continues Accumulating ETH Amidst Market Volatility
The press release further detailed that BitMine is approximately 63% towards its long-term objective of holding 5% of Ethereum’s total supply.
Throughout November, BitMine acquired nearly 150,000 ETH through multiple purchases, strategically timed during price dips and volatile market sessions.
In the meantime, the Ethereum price has faced challenges in gaining momentum. The market remains risk-averse and under significant selling pressure, lacking strong catalysts and being weighed down by macroeconomic uncertainty.
ETH has experienced a decline of nearly 30% in the past 30 days and is trading more than 43% below its all-time high reached in August. This downturn has been amplified by notable outflows from Ethereum ETFs, which previously supported the price rally earlier this year.
Analysts have advised traders to exercise caution, anticipating further volatility in the upcoming trading sessions.
BitMine Chairman Tom Lee has explained the firm's aggressive ether purchases over recent months as a strategic positioning ahead of significant catalysts. These include the anticipated Fusaka upgrade and the potential for a Federal Reserve rate cut, both of which could influence market sentiment.
“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%,” Lee stated in the recent press release.
BitMine Expands Focus to ETH Staking Infrastructure
In addition to accumulating ETH, BitMine is actively developing its staking infrastructure. The company is preparing to launch its upcoming staking solution, named the Made in America Validator Network. This initiative aims to provide a compliant staking solution tailored for large institutional investors.
“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,” Lee commented.