TLDR
- Bitmine Immersion purchased 28,625 ETH for $82 million, adding to a $60 million buy from the previous day.
- The company now controls over 3.5 million ETH, representing roughly 3% of Ethereum’s total circulating supply.
- BMNR stock climbed nearly 5% in premarket trading despite a 50% monthly decline, still up 258% year-to-date.
- Institutional ownership jumped from 10 million to 100 million shares in four weeks.
- Bitmine plans to launch its “Made in America Validator Network” staking infrastructure in early 2026.
Bitmine Immersion Technologies added 28,625 ETH to its treasury in an $82 million purchase. The move continues the company’s strategy of buying Ethereum during price declines.
Bitmine Immersion Technologies, Inc., BMNR
The purchase follows another large acquisition just 24 hours earlier. Bitmine received 21,537 ETH from FalconX worth approximately $60 million. The two transactions total over $140 million in Ethereum bought within two days.
Analytics platform Lookonchain tracked the wallet movements. Bitmine now holds more than 3.5 million ETH, making up about 3% of Ethereum’s circulating supply. The firm operates the world’s largest corporate Ethereum treasury.
Ethereum has dropped sharply over the past month. The cryptocurrency needs to break above $2,850 to $2,900 to prevent further decline toward $2,500. Bitmine’s balance sheet shows billions in unrealized losses from the price drop.
Institutions Buy While Retail Sells
BMNR stock rose nearly 5% in premarket trading Monday. Investors responded positively to the company’s continued accumulation strategy.
The stock has fallen 50% in the past month but maintains a 258% gain for 2025. Despite the recent pullback, institutional investors have increased their positions. Regulatory filings reveal institutional ownership surged from 10 million to 100 million shares in just four weeks.
Thomas Lee from Bitmine attributed the market downturn to broader mechanics rather than fundamental weakness. He cited October’s liquidity shock that wiped out tens of billions in leveraged crypto positions. Lee compared the current situation to the post-FTX deleveraging period in 2022.
The company expects a V-shaped recovery once market conditions stabilize. Bitmine views current price levels as buying opportunities. The firm labels its purchases as part of its “Strategic ETH Reserve” program.
Staking Infrastructure Coming in 2026
Bitmine announced its “Made in America Validator Network” on November 21. The MAVAN staking infrastructure will launch in early 2026. Three pilot partners have been selected to test the validator operations.
Staking the company’s entire ETH position could generate annual rewards. This would create recurring revenue from the holdings. The transition would make Bitmine an active participant in Ethereum’s proof-of-stake network instead of just a holder.
Lee stated the company will expand MAVAN with pilot partners and infrastructure providers. “We believe in building the premier destination for our natively staked Ether,” Lee said. He emphasized the strategy serves shareholders’ long-term interests at scale.
Bitmine recently issued a nominal annual dividend. The company became one of the first major crypto treasury firms to pay shareholders directly. The dividend signals confidence in the business model despite current market pressure.
Bitmine plans to release updated figures covering its Ethereum, Bitcoin, Eightco Holdings, and cash positions. The market awaits these clarifications following the recent volatility. The company completed two major Ethereum purchases in under 48 hours while institutional investors accumulated shares.
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