The large purchase of ETH by BitMine has become one of the most notable institutional events of recent weeks and has once again drawn attention to the strategy of aggressive Ethereum accumulation in conditions of market weakness. BitMine Immersion Technologies, associated with investor Tom Lee, announced the acquisition of 45,759 ETH worth approximately $91 million. In scale, this is one of the largest purchases by a private company in recent times, especially against the backdrop of continued pressure on the price of Ethereum.
The transaction was carried out during a period when ETH was trading near $1,974 and remained under pressure on the monthly timeframe. Despite the decline in quotations, BitMine confirmed that it continued accumulation, viewing current levels as strategically attractive. Tom Lee described the pullback as “attractive” from the standpoint of the network’s fundamental indicators. According to him, the real utility of Ethereum, user activity, and the economic dynamics of the ecosystem appear stronger than what is reflected by the current market price.
After the latest purchase, the company’s total ETH holdings reached 4,371,497 coins. The average acquisition price was disclosed at $1,998 per coin. This means that BitMine built its position systematically over time, rather than within a single speculative transaction. In addition to Ethereum, the company holds 193 Bitcoin and about $670 million in cash, which creates additional financial flexibility for further operations.
Particular attention is drawn to the scale of staking. At present, BitMine has staked 3,040,483 ETH. At a reference price of $1,998, the total value of the staked volume amounts to approximately $6.1 billion. Over the past seven days, the company recorded staking yield at 2.89%. On an annualized basis, BitMine forecasts potential staking rewards of up to $252 million. At the same time, the company also indicated a more conservative estimate of annual staking income of $176 million, comparing its performance with the composite Ethereum staking yield rating from Quatrefoil at 2.84%.
The company’s strategy is not limited to passive participation in the network. Tom Lee announced the creation of its own validator network called MAVAN (Made in America Validators Network). The launch is scheduled for early 2026 with a target of the first quarter. Prior to full deployment, BitMine is cooperating with three staking providers, which allows it to distribute operational risks and accumulate technical expertise.
In parallel, analysts at CryptoQuant note signs that have historically been observed near Ethereum market bottoms. According to their data, large holders — the so-called whales — are holding positions with unrealized losses at levels close to previous reversal phases. At the same time, whales in the current cycle have not realized significant profit and have continued accumulating the asset. Their aggregate holdings are at record levels.
Such a picture may indicate long-term conviction among major players. In previous cycles, similar patterns — a high share of unrealized losses among whales combined with growth in their balances — formed near structural market reversal points. However, this is not a guarantee of immediate growth, as the price of Ethereum remains volatile and the broader crypto market is in a consolidation phase.
Market reaction to BitMine’s actions was restrained. The company’s shares under the ticker BMNR traded in pre-market activity at $20.40, down 2.67% over 24 hours. This underscores that even large purchases of crypto assets do not always trigger immediate positivity in the stock market, especially under conditions of general uncertainty.
BitMine’s total assets in cryptocurrency, cash, and equities are estimated at $9.6 billion. According to the company, its share in Ethereum amounts to about 3.62% of the total coin supply. The strategic goal is to increase allocation to 5%, which under the current supply implies the need for further large-scale purchases.
Thus, BitMine demonstrates a model of institutional accumulation combined with a bet on staking as a source of regular cash flow. In conditions where the price of ETH remains under pressure, the company is betting on the long-term value of the network and its economic infrastructure. Against the backdrop of signals from CryptoQuant about a possible bottom formation, BitMine’s actions look like an attempt to take a position ahead of a potential reversal. However, final confirmation of this scenario will depend not only on on-chain metrics, but also on the overall macroeconomic environment, liquidity, and the sentiment of global investors.
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