BitMine Purchases $429 Million in Ethereum Amid Market Rebound
BitMine Immersion Technologies acquired 138,452 ETH last week for approximately $429 million, increasing its Ethereum holdings to about 3.864 million ETH, valued near $12 billion. This marks BitMine's largest Ethereum purchase in nearly two months, with its previous larger transaction exceeding 200,000 ETH on October 19. In addition to Ethereum, BitMine holds 193 Bitcoin, worth around $17.3 million, and approximately $1 billion in cash.
BitMine is recognized as the world's largest Ethereum treasury by holdings and stands as the second-largest crypto treasury globally, behind Strategy's $60 billion in Bitcoin. Over the past week, Ethereum's price rose roughly 11%, trading near $3,114, while BitMine's stock price increased about 2.5% to around $34.90 on the announcement day.
User sentiment on Decrypt's Myriad platform reflects mixed near-term expectations, with a 46% probability assigned to Ethereum reaching $4,000 rather than falling to $2,500. Tom Lee attributed BitMine's purchase to optimism regarding Ethereum's future, highlighting the anticipated Fusaka upgrade, upcoming Federal Reserve rate cuts, the end of quantitative tightening, and a rebound from October's volatility.
Lee envisions a positive long-term trajectory for cryptocurrencies, predicting a crypto supercycle with strong performance in 2026 as Wall Street integrates more assets onto blockchain technology. BitMine is also developing MAVAN (Made in America Validator Network), a staking infrastructure scheduled for deployment in early 2026.
Contextually, the crypto market has seen significant treasury activity, exemplified by Strategy's near-$1 billion weekly Bitcoin purchase on Monday amid broader volatility following Bitcoin's all-time high above $126,000 in October.
