BitMine has released 3.63 million ETH, one of the largest Ethereum assets ever recorded. But the stated average purchase price of $2,840 sparked immediate backlash from analysts who argued the calculations didn’t add up.
This update is important as BitMine is now approaching its long-standing goal of acquiring 5% of all Ethereum. This is the benchmark Fundstrat calls the “5% alchemy.”
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BitMine Reveals $11.2 Billion in Cryptocurrency and Cash Holdings
In an update on November 24, BitMine (BMNR) reported holding a total of $11.2 billion across cryptocurrency, cash, and “moonshots.” The company holds 3,629,701 ETH, 192 BTC, $38 million in Eightco Holdings shares, and $800 million in unrestricted cash.
According to BitMine, 3.63 million ETH has been accumulated at an average price of about $2,840 per token. If the current market level is above $2,900, this position could be marginally profitable.
Chairman Thomas “Tom” Lee reiterated that BitMine has now acquired 3% of the Ethereum network.
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Weekly Buying Shows Aggressive Accumulation
BitMine also announced weekly ETH purchases, showing consistent and sizable inflows throughout October and November.
| Period (weekend) | Quantity of ETH purchased |
| November 24th | 69,822ETH |
| November 17th | 54,156ETH |
| November 10th | 110,288ETH |
| November 3 | 82,353ETH |
| October 27 | 77,055ETH |
| October 20th | 203,826ETH |
| October 13th | 202,037ETH |
| October 6th | 179,251ETH |
This accumulation makes BitMine the largest ETH vault globally. It is also the second-largest overall cryptocurrency treasury after MicroStrategy, with 649,870 BTC worth $57 billion.
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Lee argued that the recent decline in cryptocurrency prices was consistent with “liquidity impairment since October 10” and weak technical conditions.
However, he pointed out that ETH is already close to $2,500, the level of decline Fundstrat had previously predicted.
BitMine is one of the most actively traded stocks in the United States, highlighting BMNR’s sharp rise. Average daily volume was $1.6 billion (five-day average as of Nov. 21), ranking the stock 50th nationally. This puts it just behind Mastercard and ahead of Palo Alto Networks.
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Investors dispute the reported average purchase price.
Despite the optimistic disclosure, market onlookers were quick to challenge BitMine’s stated cost basis. Lookonchain, a blockchain analytics account, estimated BitMine’s average purchase price at around $3,997 and claimed unrealized losses of more than $4 billion.
Another analyst wrote that BitMine’s “$2,840” figure was not an accurate average purchase price, but merely reflected the spot price of ETH at the time of the company’s post. Additional users independently calculated an implied average closer to $3,800 to $4,000.
“The average price per ETH should be around $3,840. Is this accurate?” They posed.
BitMine has not yet resolved the discrepancy or provided a detailed cost basis analysis. So now all eyes are on whether BitMine will clarify its accounting, continue its weekly ETH accumulation, and reach the symbolic 5% ownership threshold.
With the Made in America Validator Network (MAVAN) scheduled for deployment in early 2026 and BMNR gaining prominence in the market, BitMine’s financial strategy will likely remain a central story in the Ethereum ecosystem in the coming months.