BitMine Ramps up Ethereum Buying With New $60 Million Purchase
BitMine purchased $60 million in Ethereum despite significant unrealized losses and a stock price collapse.Summary
BitMine is aggressively increasing its Ethereum holdings by acquiring 21,537 ETH, valued at approximately $60 million, from institutional broker FalconX. This purchase, reported on November 23, brings BitMine's total ETH reserves to over 3.5 million, representing nearly 3% of the circulating supply. This move signals a strong commitment to its "Strategic ETH Reserve" strategy, even as Ethereum trades significantly lower and the company faces an estimated $4 billion in paper losses, which has caused its stock value to drop by nearly half.
BitMine's Thomas Lee attributes the recent ETH weakness to a market liquidity shock rather than fundamental flaws, expecting a V-shaped recovery similar to past drawdowns. To counter the impact of declining asset prices, BitMine is pivoting from passive holding to active yield generation by launching the "Made in America Validator Network" (MAVAN) in early 2026, partnering with pilot firms to stake its Ether holdings for revenue.
Furthermore, the company declared an annual dividend of $0.01 per share, making it the first large-cap crypto treasury to return capital directly to its shareholders.
(Source：BeInCrypto)