BitMine buys 21,537 ETH as Ethereum price weakens
BitMine, which has evolved from a mining firm into one of the largest corporate holders of Ethereum, has added another 21,537 ETH to its balance sheet.
The purchase was made on November 23 through digital asset broker FalconX, which has handled previous trades for the company. Lookonchain estimates the transaction at roughly $60 million based on market prices at the time.
The new acquisition brings BitMine’s total ETH reserves to more than 3.6 million — over 3% of Ethereum’s entire supply. The company holds the largest corporate ETH position, far ahead of its nearest competitor: SharpLink owns just over 859,000 ETH and recently launched a $1.5 billion share buyback program.
BitMine continues to buy ETH despite market weakness. Ethereum has fallen nearly 30% over the past month, dropping below $2,800. The 21,537 ETH purchase follows a series of November transactions: the company bought 82,353 ETH on November 3 and added more than 54,000 ETH in mid-month.
ETH’s decline has increased financial pressure on the firm. BitMine may be carrying more than $4 billion in unrealized losses. Its stock has dropped more than 80% since August, when Ethereum reached a record near $5,000. At that time, BitMine reported strong results: annual net income of $328 million, earnings per share of $13.39, and its first dividend of $0.01.
Low staking yields have added to the strain. ETH’s staking return is just 2.9%, well below yields on US dollar money markets.
Despite this, BitMine is moving ahead with its long-term strategy. The company is preparing to launch its own staking network, MAVAN — the Made-in-America Validator Network. The initiative aims to shift the firm from passive holding to generating active income through validation. MAVAN is currently in a pilot phase with three partners, with a full rollout expected in the first quarter of 2026.
BitMine says it will continue expanding its participation in the Ethereum network and growing its infrastructure products despite market pressure and ongoing volatility.
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