Despite market downturn, BitMine doubles down on Ethereum.
summary
- BitMine purchased 21,537 ETH, raising its holdings to 3% of supply.
- The company is planning a “Made in America Validator Network” in 2026.
- BitMine issued a dividend, demonstrating confidence in its strategy.
According to analytics platform Lookonchain, Bitmine continued its Ethereum accumulation strategy amid falling stock prices and billions of dollars in unrealized losses on its balance sheet, purchasing 21,537 Ether tokens.
Lookonchain reported that a wallet associated with the company received an Ether transfer from institutional prime broker FalconX. The acquisition brings BitMine’s total holdings to more than 3.5 million ether, representing approximately 3% of the cryptocurrency’s circulating supply, making it one of the largest corporate holders of Ethereum.
Tom Lee (@fundstrat)’s #Bitmine is still buying $ETH.
New wallet 0x5664 — presumably linked to #Bitmine — just received 21,537 $ETH($59.17M) from #FalconX 8 hours ago. https://t.co/8kg77vYddh pic.twitter.com/FKivNNe0jM
— Lookonchain (@lookonchain) November 23, 2025
The acquisition comes after Ethereum (ETH) has fallen significantly over the past month, costing BitMine’s treasury billions of dollars in paper losses and contributing to the company’s stock price decline. The company is positioning this purchase as part of its “Strategic ETH Reserve” program.
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Bitmine president Thomas Lee said the recent market downturn was due to broader market mechanisms rather than structural weaknesses. Lee cited the October liquidity shock that wiped out tens of billions of leveraged positions across crypto markets and compared the liquidation process to past market events, including post-FTX deleveraging in 2022. The company expects a V-shaped recovery once the market stabilizes, Lee said.
On November 21, BitMine announced plans for its staking infrastructure “Made in America Validator Network” (MAVAN), scheduled to launch in early 2026. The company has selected three pilot partners to test the operation of the validator.
Lee said BitMine plans to expand MAVAN with at least one pilot partner alongside infrastructure providers. “We believe in building the best destination for Native Stake Ether, and we are proud to do so with the best partners,” Lee said in a statement. “At scale, our strategy is best in the long-term best interests of our shareholders.”
If BitMine stakes its entire Ether holdings, the company could generate annual rewards and generate recurring revenue. This move will move BitMine from a reserve holder to an active participant in Ethereum’s proof-of-stake network.
BitMine recently announced a nominal annual dividend, becoming one of the first major crypto asset companies to distribute capital directly to shareholders. The company said the dividend is a sign of confidence in its long-term strategy.
The company’s approach combines continued token accumulation, development of a US-based staking network, and shareholder distributions with Ethereum price still under pressure.
read more: Saylor denies rumors of selling Bitcoin, Justice Department convicts North Korean plot collaborator, Bitmine names new CEO | Weekly Summary
