BitMine Continues Ethereum Buying Spree Amid Price Decline

Publicly traded treasury firm BitMine Immersion Technologies has continued its Ethereum buying spree, acquiring an additional 50,928 ETH last week. This purchase adds to the company's existing stash of 4,473,587 ETH, which now represents 3.71% of the token's entire circulating supply of 120.7 million.

The total value of BitMine's Ethereum holdings is approximately $9 billion at current prices near $2,037 per coin. However, this figure includes approximately $7.7 billion in unrealized losses, as Ethereum has declined about 22% over the past month and sits 59% below its August all-time high.

BitMine Chairman Tom Lee framed the continued buying as a deliberate response to price weakness. 'We view this pullback as attractive, given the strengthening fundamentals,' Lee said in a statement. The company is also deepening its staking operation, with 3,040,483 ETH currently staked and worth roughly $6 billion at current prices.

BitMine is building its own staking infrastructure under the name Made in America Validator Network (MAVAN), targeted for launch in early 2026. Once fully operational and utilizing MAVAN's projected yield rate of approximately 2.86%, annualized staking revenue could reach $253 million, according to Lee.