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Bitmine purchased $70 million worth of ether over four days this week, expanding its holdings to approximately 3.7 million ETH despite carrying unrealized losses as the cryptocurrency trades near $3,000, according to blockchain data tracked by Lookonchain.
The bold move signals a high-conviction strategy that is reshaping the institutional Ethereum landscape and rattling market watchers across the industry.
Bitmine Ethereum holdings continue to dominate headlines as the company doubles down on Ether accumulation, defying negative sentiment and intensifying one of the most aggressive crypto treasury strategies in the market today.
Bitmine Ethereum holdings expanded dramatically this week, even as the company sits on significant unrealized losses.
According to blockchain data from Lookonchain, the firm purchased 7,080 ETH for $19.8 million on Monday—just days after acquiring another 16,693 ETH worth about $50.1 million over the weekend.
The expansion cements BitMine’s status as the largest Ether-focused digital asset treasury among institutional players. Industry trackers report the company now holds approximately 3.7 million ETH at an average price of $3,008 per token, marking a substantial—yet intentional—paper deficit at current market levels near $3,000.
Despite the losses, BitMine’s leadership remains unmoved. The company says it has already completed 62% of its long-term target of controlling 5% of the total global Ether supply, reinforcing its unwavering belief in the asset’s long-term trajectory.
Executive Chair Tom Lee, known for his long-term Bitcoin calls, remains adamant that Bitmine Ethereum holdings are part of a historic setup.
Lee believes Ethereum may now be entering what he calls a “Bitcoin-style Supercycle”, mirroring the type of explosive growth that sent BTC soaring 100x since 2017.
“In 2017, we recommended Bitcoin near $1,000,” Lee recalled. “It suffered multiple 75% drawdowns—yet still surged a hundredfold. We believe ETH is embarking on that same Supercycle.”
According to Lee, Ether’s weakness reflects “doubt, not deterioration,” suggesting that enduring volatility may be the price of life-changing upside.
“To have gained from that 100x Supercycle, one had to stomach existential moments to HODL,” he noted.
This bullish conviction helps explain why Bitmine Ethereum holdings continue rising even as ETH trails Bitcoin throughout 2025. Ether last hit its all-time high of $4,946 in August, compared to Bitcoin’s record above $126,000 in October.
In the midst of its accumulation push, BitMine confirmed a major leadership shake-up. The company appointed Chi Tsang as its new CEO, replacing Jonathan Bates.
The transition takes effect immediately as the firm advances its mission to build the world’s largest Ether-centric treasury.
“With its substantial Ethereum holdings and credibility with both Wall Street and the Ethereum ecosystem, BitMine is positioned to become a leading financial institution,” Tsang said following his appointment.
Alongside Tsang’s arrival, three new independent board members were installed—reflecting an institutionalization strategy to align Bitmine Ethereum holdings with long-term financial infrastructure ambitions.
The broader market sentiment appears to validate BitMine’s direction. On-chain analytics firm CryptoQuant reports that Ethereum whales holding 10,000–100,000 ETH have accumulated 7.6 million ETH since April, representing a 52% jump in large-scale holdings.
Analysts say this accumulation pattern has historically preceded major ETH market reversals.
While smaller investors offload positions amid uncertainty, institutional players—BitMine included—continue to buy aggressively. This divergence suggests deep-pocketed holders expect significant upward movement in the medium to long term.
As volatility ripples across the crypto market in 2025, Bitmine Ethereum holdings stand out as one of the boldest corporate bets in digital-asset history.
With Tom Lee predicting an Ethereum Supercycle, whale activity surging, and a revamped leadership team steering the ship, BitMine is positioning itself not just for recovery—but for dominance.
Whether this high-stakes accumulation proves prophetic or perilous remains to be seen. But one thing is clear: Bitmine Ethereum holdings are reshaping institutional strategy in real time—and the industry is watching.
