BitMine Adds 110K ETH to Push Holdings to 3.5M, Now Owns 2.9% of Supply

BitMine Immersion Technologies disclosed on Nov. 10 that its Ethereum ETH $3 529 24h volatility: 0.6% Market cap: $426.85 B Vol. 24h: $31.38 B position reached 3,505,723 tokens as of Nov. 9 at 8 p.m. ET. This stake equals 2.9% of Ethereum’s 120.69 million token circulation. The treasury also contains $398 million in liquid funds, 192 Bitcoin BTC $105 329 24h volatility: 1.8% Market cap: $2.10 T Vol. 24h: $74.25 B units, and a $61 million position in Eightco Holdings.

BitMine secured 110,288 ETH during the seven-day period ending Nov. 10, based on company disclosures. This volume jumped 34% compared to the prior week’s 82,353-token acquisition. Tom Lee, who chairs BitMine and founded Fundstrat, characterized recent price levels as creating favorable conditions for expanding the company’s position.

The firm maintains the top position among corporate Ethereum holders worldwide. Strategy Inc holds the overall leading crypto treasury position with 641,205 BTC worth $67 billion. BitMine’s shares changed hands at a $1.6 billion daily average over the five trading sessions through Nov. 7, placing it 48th by dollar volume among US-listed equities, between Lam Research and Arista Networks.

Price Declines Create Unrealized Losses on Recent Buys

Recent acquisition activity occurred during a price downturn. BitMine’s Nov. 3 purchase of 82,353 tokens took place with Ethereum near $3,903, while the Nov. 10 batch came at approximately $3,639. Current trading around $3,537 means both recent tranches sit below their purchase levels.

Market conditions remain challenging, with outflows from digital investment products hitting $1.17 billion over the past week. The company’s earlier 82,353-token purchase came amid disruption from a DeFi protocol security breach.

BitMine follows a playbook pioneered by Strategy Inc, which recently launched a euro-based equity offering to fund Bitcoin acquisitions. Together, the two companies account for 88% of trading volume across all digital asset treasury stocks.

Staking Absence Draws Shareholder Criticism

Shareholders have raised transparency concerns on social platforms. Blockchain analytics from Arkham Intelligence tracks 3.232 million ETH across verified wallets, while The Block’s monitoring system shows 2.830 million tokens. Both figures trail the company’s reported 3.505 million total.

The company faces mounting questions about its decision to keep Ethereum unstaked. SharpLink Gaming, which holds the second-largest corporate ETH position, stakes its entire treasury and recently committed to deploying $200 million through Linea for enhanced returns through combined staking and restaking. Investors want clearer disclosure of net asset values matching standards set by other treasury operators.

BitMine targets 5% of total Ethereum circulation under Lee’s “alchemy of 5%” framework. Lee and Ethereum Foundation representatives co-hosted a Nov. 6 financial services summit at the New York Stock Exchange, according to the press release. Lee emphasized strong institutional appetite for blockchain-based asset tokenization as validation for the long-term Ethereum thesis despite near-term volatility.

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