Bitmine Boosts Ethereum Holdings with $44.34M Purchase

Bitmine Immersion has kept buying more crypto, recently adding Ethereum (ETH) valued at about $44.34 million to its holdings. This move comes as institutional interest in ETH begins to rebound.

Backed by Fundstrat’s Tom Lee, the company is steadily growing its crypto holdings as it plans to build a new project focused on Ethereum staking network. This is poised to strengthen its long term position in the Ethereum ecosystem. 

Bitmine’s Total Ethereum Holdings Reaches 3.6M ETH

On November 28, Bitmine announced that it bought 14,618 ETH, worth about $44.34 million, from a BitGo hot wallet. This shows it was a planned purchase, not a normal transfer.

Bitmine’s recent activity reflects a clear strategy of buying the dip. Most recently, the company bought 28,625 ETH and 21,537 ETH, worth about $82.11 million and $60 million respectively, from FalconX.

The additional 14,618 ETH brings Bitmine’s total Ethereum holdings to 3.6 million ETH, representing 3% of the entire Ethereum supply. These repeated buys show strong confidence from Bitmine and Tom Lee, especially as institutions are getting more positive. 

Report shows that U.S.-listed Ethereum Ethereum Exchange Traded Funds (ETFs), recorded strong inflows before closing for the Thanksgiving holiday.

BitMine Stock Benefits From Strong Corporate Activity

Bitmine Immersion’s stock is reacting positively to the firm’s aggressive strategy. BMNR closed 9.79% higher at $31.74 on Wednesday, and Yahoo Finance data shows the stock gained another 3.65% after hours.

At the same time, BitMine’s massive crypto stash has boosted its growth to become one of the biggest institutional forces in the ETH market. According to Yahoo Finance, Bitmine’s enterprise value stands at $12.19 billion, supported by $11.2 billion in total crypto holdings, giving it an mNAV of 1.08.

Institutional ownership has jumped a lot, going from 10 million shares to 100 million in just one month. This shows that big investors are feeling more confident about the company’s future.

Ethereum Eyes Breakout as Price Holds Above $3,000

Right now, Ethereum is trading around $3,019, up almost 15% over the past week. In the last 24 hours, its price stayed in a narrow range between $2,987 and $3,043. 

However, trading volume slipped 31% in the past day, showing that traders are cautious ahead of today’s options expiry. Still, derivatives data from CoinGlass suggests growing optimism. 

Ethereum futures open interest rose 0.71% in the last four hours to reach $36.20 billion. Earlier in the day, it had dropped nearly 4%. This shift hints that traders may be preparing for a bullish move.

Analysts say Ethereum could soon break out. An RSI breakout on the ETH/BTC daily chart supports this view. A weekly close above $3,000 could push ETH toward the $3,300–$3,400 range.