BitMine lifts its Ethereum holdings above 3.5M ETH after market dip, sparking debate on staking, transparency, and strategy.
BitMine continued its aggressive Ethereum strategy this month and pushed its holdings above 3.5 million ETH.
The company likely sees the recent price softness as a chance to grow its position, and has done so during a turbulent week for the market. The latest update showed stronger buying activity than the previous week and fresh questions from shareholders about transparency.
BitMine Lifts Its Holdings After A Week Of Heavy Buying
BitMine Immersion Technologies reported that it now holds 3,505,723 ETH. Company disclosures placed the figure at 2.9% of Ethereum’s circulating supply of 120.69 million tokens.
The report also listed $398 million in liquid reserves, 192 BTC, and a $61 million position in Eightco Holdings.
🔥 BULLISH: Bitmine acquired an additional 110,000 $ETH during the recent market dip, bringing its total holdings to 3,505,723 $ETH. pic.twitter.com/p6eljlE4Hh
— Nathan Jeffay (@NathanOnCrypto) November 10, 2025
The firm acquired 110,288 ETH over the seven days ending November 10. This amount was higher than the previous week’s total of 82,353 tokens. Tom Lee, chair of BitMine and founder of Fundstrat, said that the recent price levels offered attractive conditions for the company’s holdings.
He framed the activity as part of a steady plan rather than a temporary reaction to market conditions.
BitMine holds the largest corporate Ethereum treasury in the world and Strategy Inc leads the market for Bitcoin holdings with 641,205 BTC, worth an estimated $67 billion.
Market data placed BitMine’s share volume at a daily average value of $1.6 billion over the five trading sessions through November 7, ranking it 48th among US listed companies.
Price Declines Created Pressure On Recent Acquisitions
Recent market performance weighed on the company’s new purchases. Ethereum traded near $3,903 when BitMine bought 82,353 tokens on November 3.
The next large batch came at around $3,639 on November 10. Ethereum traded near $3,537 at the time of writing which placed both tranches below their cost basis.
Global digital asset products recorded $1.17 billion in outflows during the same period. The earlier acquisition from November 3 came during a week marked by a security breach at a DeFi protocol which added stress to the market.
Investors Question The Decision To Keep Ethereum Unstaked
Shareholders raised new issues about the company’s transparency. Arkham Intelligence tracked 3.232 million ETH across wallets verified as belonging to BitMine and data from the Block showed 2.830 million tokens.
Another source of tension came from the decision to keep Ethereum unstaked.
SharpLink Gaming (the second-largest corporate ETH holder) stakes its entire treasury and the company recently deployed $200 million through Linea to combine staking and restaking for higher returns.
Shareholders said they want clearer reporting of net asset values and disclosures that match practices used by other treasury managers.
Tom Lee’s long-term target aims at 5% of Ethereum’s total supply. He described this plan as the firm’s “alchemy of 5%” framework.
Market Reaction As Ethereum Tests Higher Levels
Ethereum saw a recovery above $3,470 after facing several rejections at that level last week.
Market tracking from Coinglass showed $85.3 million in liquidations over the past 24 hours, led by $48.4 million in short liquidations. Ethereum touched the $3,600 zone when news of the latest BitMine buy circulated.
ETH moved toward the $3,660 region near the 200-day Exponential Moving Average, and a firm move above that level could bring a test of the 50-day and 100-day EMAs near $3,815.
On the downside, a break below $3,470 could pull the price toward $3,100. Meanwhile, technical indicators like the Relative Strength Index and Stochastic Oscillator trended upward toward neutral territory.
