BitMine Immersion Technologies has added more than 7,000 Ethereum for approximately $19.8 million to its vaults, which now accounts for more than 3% of the total supply of major altcoins.
summation
- BitMine purchased 7080 ETH for approximately $19 million.
- The company currently holds over 3.7 million ETH, accounting for over 3% of Ethereum’s circulating supply.
According to data tracked by on-chain analytics platform Lookonchain, on December 2, a wallet associated with BitMine acquired 7,080 ETH from FalconX, continuing new purchases that started on Saturday.
Over the weekend, the same wallet acquired 16,693 ETH for approximately $50.1 million, bringing the total amount of ETH accumulated over the past three days to 23,773, or approximately $70 million.
With this acquisition, BitMine further solidifies its position as the largest corporate holder of Ethereum with over 3.7 million ETH in assets, according to a separate press release issued by the company on December 1.
According to the release, BitMine is currently approximately 63% of its long-term goal of holding 5% of the total supply of Ethereum.
During the month of November, BitMine acquired nearly 150,000 ETH through several purchases throughout price declines and volatile sessions.
Meanwhile, Ethereum price has struggled to gain traction against the backdrop of a risk-averse market weighed down by heavy selling pressure, lack of clear catalysts, and macro uncertainty.
ETH has fallen nearly 30% over the past 30 days and is trading more than 43% below its all-time high in August. The decline was further exacerbated by notable outflows from the Ethereum ETF, which served as the basis for the rally that drove prices higher earlier this year.
Analysts at crypto.news have urged traders to exercise caution as they speculate that the token could see more volatility in the upcoming trading sessions.
However, BitMine Chairman Tom Lee justified the company’s aggressive Ethereum purchases over the past few months as strategic positioning ahead of key catalysts such as the Fusaka upgrade and a possible interest rate cut from the Federal Reserve that could shift market sentiment.
“Last week, BitMine acquired 96,798 ETH tokens (…) Overall, we see this as a positive tailwind for the ETH price and accordingly increased our weekly ETH purchases by 39%,” Lee said in a statement accompanying the recent press release.
BitMine doubles ETH staking.
BitMine is also focusing on the launch of its upcoming staking infrastructure, called the Made in America Validator Network, which aims to provide compliant staking solutions to large institutions.
“We are continuing to advance our staking solution, known as MAVAN (Made in America Validator Network). This will be a ‘best-in-class’ solution providing a secure staking infrastructure and will be deployed in early 2026,” Lee said.