BitMine’s $70M Ether accumulation over three days underscores its long-running buy-the-dip strategy and thrusts its Ethereum treasury into greater focus. The purchase of 23,773 ETH executed over a weekend and the following Monday concentrates attention on balance-sheet risk, market influence, and the outlook for institutional crypto adoption.
BitMine added 23,773 ETH in early December 2025, buying 7,080 ETH for $19.8M on a Monday and 16,693 ETH for $50.1M over the prior weekend, according to finance reporting. That increment brings the company’s Ethereum holdings to roughly 3.7 million ETH, a treasury now valued at more than $10B on current prices, with an average cost basis near $3,008 per token. Company filings and market reports show this latest move follows earlier sizable purchases: roughly $827M for over 200,000 ETH in a single weekend earlier in 2025, then $281M in October and $63M in November.
The firm has framed these buys as conviction plays, with Fundstrat strategist Tom Lee encouraging a buy-the-dip posture and characterizing Ether as entering a potential “Supercycle.” Market commentary notes BitMine’s stated ambition targets as much as 5% of Ethereum’s supply, a goal that, if pursued, would materially expand its market footprint and heighten scrutiny of its strategy.
Market reaction, risks and on-chain context for Ether
BitMine’s aggressive accumulation has sparked sharp market and investor reactions, with the company’s stock (BMNR) climbing as much as 400% year-to-date in 2025 before violent corrections, including a 12.62% one-day drop and a 32.48% fall in November, as reported in trading summaries. Short-sellers have amplified scrutiny: Kerrisdale Capital described the strategy as “unsustainable” and criticized BitMine’s reliance on issuing equity to fund purchases, while some institutional players such as ARK Invest have taken positions in BMNR, signaling divided views among asset managers.
Operationally, BitMine announced a $1B stock buyback and board-level changes, naming Chi Tsang as CEO to replace Jonathan Bates and adding three independent directors, per the company press release. These governance shifts accompany financial strain, with reporting indicating about $4B in unrealized losses on the company’s total crypto position, underscoring balance-sheet vulnerability if markets move against large concentrated stakes.
Broader on-chain metrics show larger holders ramping up exposure, as wallets holding between 10,000 and 100,000 ETH accumulated an estimated 7.6M ETH since April 2025, a roughly 52% increase in that cohort, according to blockchain data cited in market analysis. That pattern suggests coordinated whale accumulation even as retail holders scale back, heightening concentration risk and the potential price impact of future trades.
For traders and crypto treasuries, the implications are twofold: concentrated corporate treasuries can amplify volatility around major liquidations or additional purchases, and the funding model—issuing equity to buy crypto—introduces dilution and refinancing risk, with short-term derivatives players expecting elevated implied volatility around BMNR and ETH as institutional treasurers balance strategic exposure against unrealized-loss risk and governance scrutiny.
BitMine’s recent $70M Ether spree further cements its long-term accumulation thesis but deepens exposure and public scrutiny, leaving the company with sizable unrealized losses and governance pressure.
