- BitMine bought 14,618 ETH to expand its treasury and now holds over 3% of Ethereum supply.
- Institutional inflows into Ethereum ETFs drive market recovery and push prices above $3000 this week.
- BitMine shifts focus from Bitcoin mining to Ethereum staking and plans a validator network pilot in 2026.
BitMine Immersion Technologies purchased 14,618 Ethereum on Friday. On-chain data platforms reported the purchase was worth $44.34 million. The transfer occurred from a BitGo hot wallet. This marks another addition to the company’s growing Ethereum holdings. BitMine controls roughly 3.63 million ETH, or 3% of total Ethereum supply.
In October, BitMine raised its Ethereum holdings to over 3 million ETH during the market drop. The company has repeatedly bought Ethereum in recent days. Earlier, it acquired 28,625 ETH worth $82.11 million. It also purchased 21,537 ETH worth $60 million from FalconX. These acquisitions signal strong institutional confidence in Ethereum. Fundstrat analyst Tom Lee’s influence appears to guide BitMine’s strategy.
Institutional Inflows Drive Market Activity
US-listed spot Ethereum ETFs have seen renewed inflows. BlackRock and Fidelity recorded large ETH inflows on November 26. These flows came before the Thanksgiving holiday closure. This week, Ethereum price rose to reach $3,019, gaining almost 15% in seven days. The trading volume has decreased by 31% within 24 hours. Traders appear cautious ahead of crypto market options expiry today.
CoinGlass data shows positive activity in derivatives markets. Ethereum futures open interest rose 0.71% to $36.20 billion in the past four hours. However, the total futures open interest fell almost 4% over 24 hours. Analysts interpret these movements as signs of growing optimism among investors.
BitMine’s Strategic Shift and Corporate Holdings
BitMine has shifted focus from Bitcoin mining to Ethereum treasury accumulation. The company raised over $7 billion by issuing new shares. It used the capital to acquire Ethereum while prices hovered around $3,000. BitMine plans to build the Made in America Validator Network, set for a 2026 pilot. The network will allow BitMine to stake ETH and participate in securing Ethereum. Moreover, BitMine was announced the largest ETH treasury in the world after acquiring over 2.65 million Ethereum in late September.
Corporate Ethereum holdings remain concentrated. Sixty-eight entities hold 6.36 million ETH, about 5.26% of total supply. BitMine’s portfolio trades at a 20% discount relative to underlying Ethereum value. Analysts suggest this may reflect perceived market risks or uncertainty about the company’s strategy.
Market Reaction and Future Outlook
BMNR stock closed 9.79% higher at $31.74 on Wednesday. After-hours trading saw a 3.65% gain. The institutional ownership has gone up by 10 million to 100 million shares within a month. Ethereum analysts forecast that it may break out provided it continues to trade above $3,000. The target upside is $3,300 to $3,400. Large corporate purchases like BitMine’s may trigger increased participation in staking and validator activities.
