BitMine Goes Nuclear on Ethereum: Snaps Up 23,773 ETH in Days, Now Holds 3.7 Million ETH (Over 3% of Entire Supply

BitMine Immersion Technologies has fiercely loaded up, buying 7,080 ETH for around $19.8 million in its most recent purchase and a stunning 23,773 ETH (roughly $70 million) over only the past several days, unfazed by Ethereum's 30% November fall. During the dip, November alone saw the firm grab almost 150,000 ETH, bringing its overall corporate treasury to an amazing 3.7 million ETH—more than 3% of Ethereum's total circulating supply and about 63% of its ambitious long-term objective of owning 5%.

With an average acquisition price of around $3,008 per ETH, BitMine is presently under water on paper, but Chairman Tom Lee and the team are doubling down, seeing the downturns as great purchasing opportunities ahead of significant catalysts. The company is wagering heavily on the expected Fed rate reductions, the early-2026 introduction of its Made in America Validator Network (MAVAN)—a U.S.-compliant institutional staking platform intended to draw enormous scale—and the early December 2025 Fusaka Upgrade.

BitMine has established itself as by far the greatest corporate owner of ETH worldwide in a manner evocative of Strategy's Bitcoin playbook but applied to Ethereum. Although most investors panicked-sold during the recent correction, BitMine silently amassed sufficient Ethereum to match the holdings of whole nations, therefore showing unrelenting confidence that the second-largest cryptocurrency is set for a strong rebound and long-term dominance.