BitMine Immersion Technologies has made a significant move by adding 14,618 ETH to its corporate treasury, a purchase valued at approximately $44.34 million. This acquisition took place on Thursday, coinciding with Ethereum“s rebound past the $3,000 mark following a recent market downturn. The transaction was highlighted by Arkham data as reported by Lookonchain, although it remains unconfirmed by BitMine.
The company is actively pursuing an aggressive strategy of accumulating Ethereum, having completed two-thirds of its ambitious goal to hold 5% of the total ETH supply. This latest purchase aligns with a broader trend of increasing institutional interest in Ethereum, particularly as stock performance shows signs of recovery.
Looking ahead, BitMine has announced plans to initiate Ethereum staking through its upcoming “Made in America Validator Network (MAVAN)” in early 2026. This initiative aims to generate additional returns and enhance the company”s revenue streams. Analysts believe that this corporate-driven accumulation strategy, combined with future staking plans, may contribute to the emergence of an Ethereum “supercycle.”
BitMine reportedly acquired its recent stash of ETH at an average price of $2,840, which is slightly below current market values. Earlier in the month, the company revealed a $200 million investment in Ethereum, resulting in a total holding of approximately 3,629,701 ETH, equating to around 3% of the entire Ethereum supply.
The move reflects BitMine”s long-term strategic vision, emphasizing the importance of Ethereum as a cornerstone of future financial services and blockchain infrastructure. Tom Lee, Chairman of BitMine, stated in a recent interview, “Ethereum is a very neutral chain that both Wall Street and even the White House can support,” reinforcing the asset”s legitimacy and potential for broader adoption.
Despite the fluctuating conditions in the cryptocurrency market, BitMine continues to enhance its holdings, showcasing a growing confidence in Ethereum“s long-term value. The accumulation of such a substantial portion of ETH could potentially influence market dynamics, possibly leading to a supply shock. Furthermore, the MAVAN initiative positions BitMine to benefit from staking rewards while contributing to the security of the Ethereum network.
As analysts predict a powerful feedback loop driven by corporate accumulation and staking, the average purchase price of $2,840 may serve as an advantageous entry point for the company. Tom Lee”s endorsement of Ethereum as a “neutral chain” capable of gaining support from both traditional finance and government entities underscores the ongoing narrative favoring increased adoption and acceptance.
