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Bitcoin mining company BitMine purchased 21,537 ETH worth approximately $70 million, bringing its total Ethereum holdings to over 3.5 million ETH—roughly 3% of the cryptocurrency’s circulating supply, according to blockchain analytics firm Lookonchain.
The acquisition makes BitMine one of the largest corporate Ethereum holders and comes as the company prepares to launch a U.S.-based staking network in early 2026. BitMine’s continued accumulation occurs despite billions in unrealized losses on its balance sheet as Ethereum trades well below its previous peaks.
BitMine’s latest purchase—transferred from institutional prime broker FalconX to a wallet associated with the company—pushes its total balance above 3.5 million ether, representing roughly 3% of Ethereum’s circulating supply.
This makes BitMine one of the largest corporate holders of the asset, and the expansion reinforces how BitMine Ethereum holdings are being positioned for the future.
The acquisition comes during a period when Ethereum’s price has fallen sharply, generating billions in unrealized losses across BitMine’s balance sheet.
Despite these setbacks, the company maintains that its accumulation efforts, branded the “Strategic ETH Reserve,” remain intact. In this context, the increase in BitMine Ethereum holdings reflects what the firm views as a value-driven decision rather than a risk-driven retreat.
According to comments published by ecoinimist.com, BitMine representative Thomas Lee attributed the recent downturn not to structural problems within Ethereum, but to broader liquidity mechanics.
Lee echoed concerns that a major October liquidity shock wiped out tens of billions in leveraged positions across the cryptocurrency landscape—a pattern seen in other cycles.
“The clearing process mirrors past market events, including what we observed after the FTX collapse in 2022,” — Thomas Lee, BitMine representative.
He added that the company expects a V-shaped recovery once liquidity stabilizes, suggesting that BitMine Ethereum holdings will play a central role in that rebound. As prices remain depressed, the firm sees opportunity rather than retreat.
On Nov. 21, BitMine announced its “Made in America Validator Network” (MAVAN), a new staking initiative set to launch in early 2026.
The infrastructure will rely on selected pilot partners to test validator operations, offering a pathway to convert passive coin reserves into active network participation. The development could position BitMine Ethereum holdings as a source of recurring annual rewards through proof-of-stake mechanisms.
“We believe in building the premier destination for our natively staked Ether and are proud to build with the best partners,” — Thomas Lee, in a BitMine statement.
If fully staked, BitMine Ethereum holdings could translate into one of the largest institutional validator operations in the United States. The move signals an ongoing shift from simple accumulation to integrated network involvement, aligning with BitMine’s long-term strategy.
Despite billions in unrealized losses due to declining Ethereum prices, BitMine recently declared a nominal annual dividend—the first of its kind from a major crypto treasury-focused company. The payout signals confidence in its broader strategy and an expectation that the value of BitMine Ethereum holdings will grow in the long term.
BitMine described the dividend as a gesture of stability to shareholders, reinforcing that the firm remains committed to its core thesis even as market conditions fluctuate. The combination of continued token accumulation, staking infrastructure development, and direct shareholder returns outlines a multifaceted approach to navigating ongoing uncertainty.
This layered strategy underscores how BitMine Ethereum holdings are central not only to the firm’s treasury philosophy but to its operational future. As Ethereum continues to face price pressure, BitMine’s actions highlight a contrasting sentiment: a willingness to expand involvement precisely when the market makes such moves least comfortable.
In the broader cryptocurrency landscape, BitMine’s decision could influence how other corporate holders and institutional investors evaluate similar reserve strategies. Whether this signals a new phase of accumulation or exposes companies to long-term volatility will depend on how Ethereum’s recovery unfolds in the coming months.
