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BitMine ramps up ETH purchases amid market weakness
BitMine Immersion Technologies recently added 7,080 ETH — roughly $19 million — to its corporate holdings, according to on-chain trackers. The acquisition, executed on FalconX and logged by analytics provider Lookonchain, continues a concentrated buying program that has seen the firm accumulate tens of thousands of ether across volatile sessions.
On-chain buying spree and current holdings
Data shows BitMine's wallet picked up 7,080 ETH on Dec. 2, following a weekend purchase of 16,693 ETH for about $50.1 million. That brings total net accumulation over the past three days to 23,773 ETH, valued near $70 million at the time of those trades. In a company release, BitMine confirmed it now holds more than 3.7 million ETH, representing over 3% of Ethereum's circulating supply and placing the firm among the largest corporate holders of the token.
The firm says it is roughly 63% of the way to a long-term target of owning 5% of Ethereum's total supply. November was especially active: BitMine reportedly acquired nearly 150,000 ETH across multiple buys that took advantage of price dips and periods of heightened volatility.
Why BitMine is stacking ETH
BitMine frames its purchases as strategic positioning ahead of potential positive catalysts for Ethereum. Management has pointed to the upcoming Fusaka upgrade and the possibility of looser U.S. monetary policy as factors that could improve market sentiment. In a recent statement, Chairman Tom Lee said weekly ETH purchases were stepped up by 39% as the company sees these developments as constructive for prices.
From an institutional perspective, large corporate acquisitions like these can serve multiple purposes: long-term treasury allocation, on-chain staking preparation, and signaling conviction to other market participants. BitMine has also emphasized its intent to expand staking services, indicating the ETH is being accumulated with both investment and infrastructure goals in mind.
Market backdrop: price pressure and ETF outflows
Ethereum's market performance has been challenging in the short term. ETH has declined nearly 30% over the past 30 days and trades more than 40% below its August all-time high. The downturn has been amplified by sustained outflows from Ethereum exchange-traded funds (ETFs), which earlier in the year helped underpin the rally.
Risk-averse market sentiment, lack of immediate bullish catalysts, and macroeconomic uncertainty have combined to keep volatility elevated. Analysts recommend caution as the token may experience further swings in the near term, especially given the liquidity pressures tied to ETF redemptions and broader crypto market dynamics.
BitMine's staking strategy and MAVAN
Beyond accumulation, BitMine is pushing ahead with a dedicated staking infrastructure known as the Made in America Validator Network (MAVAN). The company describes MAVAN as a compliant, institutional-grade staking solution targeting large entities that require secure, auditable validator services. BitMine plans to deploy MAVAN in early 2026 and markets it as a 'best-in-class' option for organizations seeking regulated staking exposure.
Institutional staking is an increasingly important use case for large ETH holders, allowing firms to earn protocol rewards while supporting network security. For a corporate holder with millions of ETH, a compliant validator network can be a differentiator when serving clients that demand regulatory clarity and custodial best practices.
What this means for traders and investors
BitMine's continued accumulation signals long-term confidence from a major corporate player, which could influence institutional appetite for Ethereum. However, near-term price action remains driven by macro factors and ETF flows. Traders should balance the significance of large on-chain buys with the broader market context: corporate stacking supports a bullish narrative, but volatility and liquidity dynamics may produce short-term downside before any sustained recovery.
Source: crypto
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