BitMine Ramps up Ethereum Buying With New $60 Million Purchase

BitMine is intensifying its aggressive accumulation of Ethereum, looking past a 47% collapse in its stock price and billions in unrealized losses.

On November 23, blockchain platform Lookonchain reported that a wallet linked to the corporate giant received 21,537 ETH. The transfer, valued at approximately $60 million, came from institutional prime broker FalconX.

BitMine Doubles Down on Ethereum With Staking Plan

This new purchase would bring BitMine’s total hoard to over 3.5 million ETH, representing nearly 3% of the token’s circulating supply.

The move signals a defiant commitment to its “Strategic ETH Reserve” strategy despite the asset’s recent price struggles.

Indeed, Ethereum is trading near $2,808, down roughly 29% over the past month. Notably, BitMine’s Thomas Lee had attributed ETH’s recent weakness to broader market mechanics rather than fundamental flaws.

According to him, the October 10 “liquidity shock,” which wiped nearly $20 billion in leveraged positions from the crypto market, was the primary driver of the drawdown.

“In 2022, the post-FTX liquidity shock took 8 weeks to clear, but similar to prior drawdowns, crypto prices quickly recovered. History shows crypto prices stage V-shaped recoveries after a lingering and drawn out decline, and we expect this to again be the case in this current drawdown,” He added.

As a result, the downturn has significantly impacted BitMine’s ETH holdings, leaving the firm with an estimated $4 billion in paper losses. This divergence has weighed heavily on BitMine’s stock, which has shed nearly half its value over the past 30 days.

To offset the sting of declining asset prices, BitMine is effectively rebranding itself from a passive ETH holding company to an active yield generator.

On November 21, the firm announced the launch of the “Made in America Validator Network” (MAVAN). The proprietary staking infrastructure is set to go live in early 2026.

Meanwhile, the firm confirmed that it has selected three pilot partners to test its staking operations.

“We plan to partner with one or more of these pilot partners plus world-class infrastructure providers to scale our own “Made in America Validator Network” (MAVAN) over the coming quarter…we believe in building the premier destination for our natively staked Ether and are proud to build with the best partners. At scale, we believe our strategy will best serve the long-term best interests of our shareholders,” Lee stated.

By staking its 3.5 million ETH, BitMine could theoretically generate substantial annual revenue from network rewards. This would create a cash-flow floor that pure holding strategies lack.

Additionally, the firm declared an annual dividend of $0.01 per share, positioning itself as the first large-cap crypto treasury to return capital to investors directly.