Bitmine’s Ethereum Accumulation Spree Continues with $44 Million Purchase
The institutional buying frenzy for Ethereum is accelerating. Bitmine Immersion Technologies, the Tom Lee-backed crypto treasury giant, has acquired another 14,618 ETH—worth approximately $44.34 million—according to on-chain data from November 28. This latest move is part of an aggressive Ethereum accumulation strategy that has seen the firm purchase over $180 million in ETH within a single week. As spot Ethereum ETFs see revived inflows, Bitmine is positioning itself as the ultimate corporate whale, now holding a staggering 3.6 million ETH, which represents 3% of the entire circulating supply.
The Scale of Bitmine’s Ethereum Accumulation
The numbers behind this Ethereum accumulation are breathtaking. Bitmine’s total crypto holdings are valued at $11.2 billion, giving it a market NAV (mNAV) ratio of 1.08. This relentless buying occurs alongside a resurgence in U.S. spot Ethereum ETFs, with giants like BlackRock and Fidelity recording substantial inflows before the Thanksgiving holiday. The market is clearly rewarding this strategy; BMNR stock surged 9.79% to close at $31.74 on Wednesday, with a further 3.65% jump in after-hours trading. Institutional ownership has exploded from 10 million to 100 million shares within a month, proving that traditional investors are bullish on Bitmine’s treasury strategy.
Ethereum Price Holds Critical $3,000 Support
The fundamental demand from Bitmine and ETFs is providing a solid foundation for ETH’s price. Ethereum is trading firmly at $3,019, up 15% over the past week. While spot volume has dipped 31%, indicating some trader caution, the derivatives market tells a different story. Futures open interest has increased 0.71% in the last 4 hours, signaling a revival of bullish sentiment. Analysts are now watching for a decisive weekly close above $3,000, which could trigger the next leg up toward the $3,300-$3,400 range. An RSI breakout on the ETH/BTC chart further supports the case for imminent outperformance against Bitcoin.
My Thoughts
Bitmine isn’t just accumulating; it’s executing a sovereign-level treasury strategy. Their relentless buying at these levels signals an extreme conviction that current prices are a long-term bargain. When a firm with $12 billion in enterprise value dedicates its balance sheet to ETH, it creates a non-cyclical demand base that will support the market for years. The convergence of corporate buying, ETF inflows, and positive technicals creates a perfect bullish storm. I believe we are witnessing the early stages of an institutional FOMO wave that will dwarf retail participation.
