Bitmine Adds 28,625 ETH Despite Market Volatility

On November 24, on-chain data revealed that Bitmine Immersion Technologies bought another 28,625 Ethereum (ETH). The new purchase is worth about $82.11 million.

This new buy comes as the digital asset price continues to struggle due to market volatility, showing the company’s confidence 

Bitmine Steps Up Buying As Its Crypto Holdings Grow

The latest purchase marks Bitmine’s second large move in only two days. On November 23, the firm received 21,537 ETH, almost $60 million from FalconX, making this one of Bitmine’s most active buying periods of the year.

Last week, Tom Lee-led firm revealed that it holds 3.6 million ETH, which represents almost 3% of the entire Ethereum supply. Combined with its Bitcoin (BTC), other assets, and cash, Bitmine now controls nearly $12 billion in total holdings.

Tom Lee, who supports the company through Fundstrat, still believes strongly in both Ethereum and Bitcoin. His stance appears consistent with Bitmine’s aggressive buying activity, especially during periods of market weakness.

The company plans to publish an official announcement later today. The report will include its new Ethereum and Bitcoin holdings, its investment in Eightco Holdings, and the amount of cash it has.

Bitmine Stock Rises as Investors Respond to Heavy ETH Buying

Shortly after BitMine announced its latest ETH buy, its stock BMNR gained almost 5% during premarket trading. Bitmine’s stock closed at $26 on Friday, moving between $24.33 and $26.77 during the day. The trading volume also came in higher than the usual 44 million average.

The price went up because traders noticed the large ETH purchases and expects the Federal Reserve to cut interest rates soon. Recent comments suggest Fed Chair Jerome Powell may support a rate cut in December, which is making investors more willing to take risks.

Even with this rise, the company’s stock has dropped almost 50% in the last month because the overall crypto market has been falling. Nevertheless, Bitmine’s year-to-date performance remains strong at 258%. 

Fintel data shows institutional ownership rising sharply; from 10 million shares to 100 million shares in just one month. This is a sign that large investors continue to trust the firm’s long-term direction.

Ethereum Price Struggles as Traders Turn Cautious

Despite heavy buying from Bitmine, Ethereum has erased its recent gains. The price is now about $2,793 and has moved between $2,763 and $2,883 in the past 24 hours.Trading volume has increased by 33%, showing that investors are actively repositioning.

Derivatives data revealed continued selling. Total ETH futures open interest fell 2% in the last four hours, and the 24-hour open interest is down 0.56% to $33.83 billion.

Analyst Ted Pillows noted that Ethereum tried to recover the $2,850–$2,900 zone but failed. He warned that if ETH cannot rise above this range again, the price could fall toward $2,500, a key support level.