Key Takeaways
- •Bitmine Immersion Technologies is actively accumulating ETH on a large scale, irrespective of market volatility.
- •The company's ETH holdings now stand at approximately 3.6 million, representing about 3% of the total supply.
- •Recent acquisitions include 14,618 ETH (valued at approximately $44 million) transferred from a BitGo wallet, in addition to two other significant purchases earlier in the week.
Bitmine Dominates Institutional ETH Buying
Bitmine Immersion Technologies has established itself as the most significant buyer of ETH over the past month, emerging as a major player in institutional accumulation.
Unlike hedge funds focused on short-term market catalysts, Bitmine's strategy appears to align with a corporate treasury approach. This involves consistent purchasing during periods of market uncertainty, without being swayed by daily price fluctuations.
Recent Acquisitions Underscore Ongoing Accumulation
On November 28, on-chain monitoring platforms detected a transfer of 14,618 ETH, equivalent to roughly $44 million, from a BitGo hot wallet to Bitmine's custody. While this transaction would typically be a noteworthy event for most institutions, it represents a continuation of Bitmine's established pattern.
Bitmine (@BitMNR) has bought 14,618 $ETH worth $44.34M from #BitGo https://t.co/1vbYSuHbap pic.twitter.com/9Yk0OWh6rZ
— Onchain Lens (@OnchainLens) November 28, 2025
Earlier in the same week, the company acquired 28,625 ETH. The day prior to that, it purchased 21,537 ETH from FalconX. Cumulatively, Bitmine has been acquiring tens of thousands of ETH every few days while the broader market remains preoccupied with Ethereum ETF narratives.
A Significant Holdings Position
Bitmine Immersion now manages an estimated 3.6 million ETH, which constitutes approximately 3% of Ethereum's total circulating supply. This level of holdings is typically associated with early-stage crypto-native foundations, rather than publicly traded corporations with Wall Street backing.
According to financial databases, the firm's enterprise value is $12.19 billion, with crypto reserves valued at $11.2 billion. This results in a net asset value (mNAV) of 1.08, which is remarkably close to parity for an entity with such substantial digital asset exposure.
Shifting Institutional Strategies Towards Ethereum
The significance of Bitmine's accumulation is amplified by the current market context. U.S.-listed spot Ethereum ETFs have recently experienced another influx of investments from prominent issuers like BlackRock and Fidelity. This indicates that traditional financial firms are increasing their exposure to Ethereum at a time when liquidity remains relatively thin.
It is noteworthy that Tom Lee of Fundstrat, a prominent advocate for Ethereum within institutional research circles, is a supporter of Bitmine Immersion Technologies. Current market sentiment suggests that what began as "selective buying" is evolving into a comprehensive treasury management model across the industry.
Ethereum Price Stability Amidst Market Activity
Despite a 31% decrease in trading volume leading up to options expiry, Ethereum has successfully maintained the $3,000 price level. The asset is currently trading at $3,019, reflecting a nearly 15% weekly gain and reaching an intraday high of $3,043.
The current price action suggests that corporate and ETF inflows are exerting a more significant influence on the market than short-term speculative trading activities at this time.