BitMine Buys Another $150M in Ethereum Amid Rival Pullbacks

BitMine Immersion Technologies has added another $150 million worth of Ethereum (ETH) to its growing crypto stash. This continued accumulation comes at a time when most crypto treasury companies are slowing down their accumulation strategies. 

The company is, however, moving in the opposite direction of the broader market, buying the digital assets as it dips. 

BitMine Ramps Up ETH Buying Spree

BitMine, founded by Fundstrat’s Tom Lee, has kept up a steady pace of heavy ETH purchases even as the Digital Asset Treasury (DAT) market cools. On-chain data from Arkham shows that the company bought 18,345 ETH through BitGo and 30,278 ETH on Kraken during its latest acquisition.

This comes on top of a steady buying streak, as BitMine bought 14,618 ETH worth about $44 million last week. The firm then added another 96,798 ETH, worth $273 million on Monday, extending its aggressive accumulation.

These aggressive moves have brought its total Ethereum holdings past 3% of the entire circulating supply. BitMine has long said it aims to reach 5% of all ETH. The mining company believes strongly in Ethereum’s future role in settlement systems, tokenized assets, and wider financial services.

Treasury Purchases Collapse Across the Market

BitMine’s aggressive buying stands out because the rest of the DAT market is slowing sharply. According to Bitwise, Ethereum treasury purchases fell 81% in November to just 370,000 ETH. 

This is a steep decline from the 1.97 million ETH peak recorded in August. This decline is affecting smaller treasuries the hardest. Many are close to bankruptcy as mNAV multiples fall, premiums shrink, and purchasing power weakens.

This slowdown is a sharp reversal from earlier in the year, when treasury buying was strong. SharpLink Gaming spent more than $100 million on ETH in August alone. Back then, demand was high, and optimism was widespread.

Max Shannon, a senior researcher at Bitwise, explained the trend clearly. He said treasuries behaved like this cycle’s version of an alt boom, with interest rising faster than the money available. 

He added that even though buying is still above Ethereum’s monthly supply, the gap is shrinking fast, showing the pullback has already started. Now, BitMine is almost alone in continuing to buy ETH aggressively.

BitMine Faces Big Losses Despite Heavy ETH Buying

Despite these large purchases, BitMine’s NYSE-listed stock, BMNR, has performed poorly. The stocks have dropped over 81% from their peak, showing weakening investor confidence. 

Although the value of its Ethereum treasury is now around $12 billion, the company is facing unrealized losses estimated at $2.8 billion. This means BitMine is taking a long-term risk at a time when many others are pulling back.