BitMine Immersion Technologies (BMNR) has aggressively accelerated its Ethereum ($ETH) accumulation, cementing its position as the largest corporate holder of the altcoin despite a protracted market downturn.
On-chain data confirms the firm’s latest move, showing a wallet linked to BitMine acquiring 7,080 ETH for approximately $19.8 million on Monday. This follows a major weekend haul of 16,693 ETH for roughly $50.1 million, bringing the total three-day accumulation to over 23,700 ETH, valued at around $70 million.
The acquisitions boost BitMine’s total Ethereum treasury to over 3.7 million ETH, which the company states accounts for more than 3% of Ethereum’s total circulating supply.
Strategic Bet Against Volatility
The aggressive buying spree comes as the price of Ethereum has struggled, falling nearly 30% over the last 30 days amid a risk-averse market weighed down by macro uncertainty and outflows from Ethereum ETFs.
However, BitMine Chairman Tom Lee defended the company’s counter-cyclical strategy, viewing the current volatility as a buying opportunity.
“Collectively, we see these [upcoming catalysts] acting as positive tailwinds for ETH prices, and thus, we stepped up our weekly purchases of ETH by 39%,” Lee said in a recent press release.
BitMine is reportedly 63% of the way toward its long-term goal of holding 5% of Ethereum’s total supply. The firm cited key anticipated catalysts, including the Fusaka network upgrade and potential Federal Reserve rate cuts, as drivers for its continued conviction.
Focus on Staking Infrastructure
Beyond its treasury strategy, BitMine is actively building its staking infrastructure. The company confirmed it is progressing on the launch of its “Made in America Validator Network (MAVAN)”—a compliant staking solution designed for large institutions—which is expected to be deployed in early 2026.
