BitMine adds 7,080 ETH as it positions for a potential Ethereum rebound

BitMine Immersion Technologies has added over 7,000 ether for roughly $19.8 million to its stash that currently accounts for more than 3% of the flagship altcoin’s total supply.

Data tracked by on-chain analytics platform Lookonchain on Dec. 2 shows that a wallet associated with BitMine picked up 7,080 ETH on FalconX, continuing a fresh buying spree that began Saturday.

Over the weekend, the same wallet acquired 16,693 ETH for approximately $50.1 million, bringing the total amount of ether accumulated in the past three days to 23,773, worth roughly $70 million.

With the latest acquisition, BitMine further cements its place as the largest corporate holder of Ethereum with a stash that comprises over 3.7 million ETH, according to a separate press release issued by the firm on Dec. 1.

According to that release, BitMine is now roughly 63% of the way to its long-term goal of holding 5% of Ethereum’s total supply.

Throughout November alone, BitMine acquired nearly 150,000 ETH across multiple buys spread across price dips and volatile sessions.

Ethereum price, in the meantime, struggled to gain traction against the backdrop of a risk-averse market that remains under heavy selling pressure, devoid of any solid catalysts, and weighed down by macro uncertainty.

ETH has fallen nearly 30% in the past 30 days and was trading more than 43% below its all-time high price hit in August. The drawdown has been exacerbated by notable outflows from Ethereum ETFs that once served as a foundation for the rally that pushed prices higher earlier this year.

Analysts at crypto.news have urged traders to remain cautious as they speculate the token may be due for more volatility in the upcoming trading sessions.

However, BitMine Chairman Tom Lee justified the firm’s aggressive ether buys over the past months as strategic positioning ahead of key catalysts like the Fusaka upgrade and chances of a Fed rate cut that could shift market sentiment.

“In the past week, BitMine acquired 96,798 ETH tokens […] Collectively, we see these acting as positive tailwinds for ETH prices, and thus, we stepped up our weekly purchases of ETH by 39%,” Lee said in an accompanying statement in the recent press release.

BitMine doubles down on ETH staking

BitMine is also focusing on the launch of its upcoming staking infrastructure, dubbed the Made in America Validator Network, which aims to offer a compliant staking solution for large institutions.

“We continue to make progress on our staking solution known as The Made in America Validator Network (MAVAN). This will be the ‘best-in-class’ solution offering secure staking infrastructure and will be deployed in early calendar 2026,” Lee said.