BitMine increased its holdings by 23,773 ETH over three days, investing $70 million to position itself for a potential Ethereum rebound.

BitMine Immersion Technologies has accumulated 23,773 Ethereum in the past three days, worth approximately 70 million USD, further solidifying its position as the largest enterprise-level ETH holder in the market. This round of operations includes the purchase of 7,080 ETH yesterday and an additional 16,693 ETH bought over the weekend, bringing its total open interest to over 3.7 million, accounting for more than 3% of the total Ethereum supply.

According to on-chain tracking data from Lookonchain, BitMine has recently been continuously increasing its holdings through FalconX, with a particularly prominent buying intensity for Ethereum during the recent turbulent market conditions. The company previously stated that its long-term goal is to hold 5% of the total supply of Ethereum, and it has currently achieved approximately 63% of that. In just November, BitMine accumulated nearly 150,000 ETH despite the ongoing price corrections, demonstrating a long-term optimism towards this asset.

However, the overall market performance of Ethereum remains weak. Over the past 30 days, ETH has fallen nearly 30%, with a decline of more than 43% from the historical high in August. The reasons for the price pressure include macro uncertainty, ongoing selling pressure, and a decrease in market demand due to large capital outflows from Ethereum ETFs. Analysts point out that the volatility of ETH may continue to expand in the short term, advising traders to remain cautious.

Nevertheless, BitMine Chairman Tom Lee believes that this is a critical period for strategic positioning. He mentioned potential positive factors, such as the upgrade of the Fusaka rating and the possibility of the Federal Reserve lowering interest rates in the future, which could improve market sentiment in the coming months. Lee revealed that the company has purchased nearly 97,000 ETH in the past week and increased its weekly accumulation by 39%.

In addition to spot purchases, BitMine is also advancing its large-scale staking project - “Made in America Validator Network” (MAVAN). This project is designed to provide compliant and secure staking infrastructure for institutions, with deployment planned for early 2026. As staking becomes an important economic driver in the Ethereum ecosystem, BitMine is strengthening its long-term influence in the ETH space through a dual approach of technological layout and asset accumulation.