Crypto miners turned Ethereum treasury company BitMine has added more ETH to its reserves as the second-largest cryptocurrency fell to multi-month lows below $2800. According to information shared by on-chain analytics firm Lookonchain, a wallet linked to BitMine acquired 21,537 ETH on November 23 from FalconX, a digital asset prime brokerage that the company has employed on multiple occasions to execute its ETH buys. Lookonchain @lookonchain · Follow Tom Lee( @fundstrat )’s #Bitmine is still buying $ETH .A new wallet 0x5664 — likely linked to #Bitmine — just received 21,537 $ETH ($59.17M) from the #FalconX 8 hours ago. intel.arkm.com/explorer/addre… 7:30 AM · Nov 23, 2025 868 Reply Copy link Read 47 replies At the time, the transaction was estimated to be valued at roughly $60 million based on market prices. With this, BitMine’s total ETH holdings now exceed 3.6 million coins, valued at over $10 billion as of press time. As the largest corporate holder of Ethereum, BitMine now controls nearly 3% of the total ETH supply and has cemented its lead in the market. The next closest competitor, SharpLink, holds a little over 859,000 ETH. BitMine buys ETH dip as shares remain under pressure Ethereum has dropped nearly 30% in the past month, but the continued weak price performance has not deterred BitMine from consistently buying into the dip. The latest acquisition follows a string of other large ETH purchases made in November alone. The firm bought 82,353 ETH on November 3, then added over 54,000 ETH around mid-month, before executing the latest buy on November 23. While BitMine has remained focused on expanding its Ethereum strategy, the asset’s underperformance has triggered a steep rise in unrealized losses for the company. Latest estimates suggest the Thomas Lee-led firm could be sitting on over $4 billion in unrealized losses, a figure that is significantly impacting investor sentiment and shareholder returns. BitMine’s stock has plunged more than 80% since Ethereum’s August all-time high near $5000. When BitMine released its annual report at the time, its financial situation was quite in contrast to the current downturn, with the company posting strong earnings and a far more optimistic outlook. For that period, BitMine posted a net income of $328 million, while earnings per share came in at $13.39. It also declared a nominal dividend of $0.01 per share, marking its first capital return to shareholders. According to analysts, Ethereum’s falling price is not the only concern. The staking yield on the flagship altcoin, which is a key revenue source for BitMine, is currently at just 2.9%, well below the yield offered by traditional US dollar money market funds. “No serious institutional allocator will accept” that yield, 10x Research founder Markus Thielen warned investors in recent comments, especially when ETH’s price volatility “puts the underlying collateral at constant risk.” BitMine doubles down on ETH staking Nevertheless, BitMine has continued to execute on its long-term strategy and has launched the Made-in-America Validator Network to transition from passive holding to active staking. Abbreviated as MAVAN, the initiative is part of BitMine’s broader plan to generate income from its ETH holdings through proof-of-stake rewards. Currently in its pilot phase with three partners, the MAVAN network is expected to launch in the first quarter of 2026. The post BitMine adds 21,537 ETH as Ethereum price continues to struggle appeared first on Invezz
