BitMine Buys 23.77K ETH Worth $19.8M in Three Days

Highlights:

• BitMine Immersion has purchased an additional 23.77K ETH in just three days.
• The Bitcoin-focused mining company now holds over 3.7 million ETH tokens, valued at approximately $10.45 billion.
• BitMine is the largest corporate holder of Ethereum and aims to hold 5% of the asset’s circulating supply.  

Bitcoin mining-focused company BitMine Immersion Technologies (BMNR) has purchased an additional 23,773 Ethereum (ETH) tokens over the last three days, amid the crypto market downturn. According to the popular online crypto transactions tracker, Lookonchain, the company bought 7,080 ETH on December 1 for $19.8 million. 

Two days earlier, the same wallet had purchased 16,693 ETH for roughly $50.1 million. In total, BitMine spent approximately $70 million on 23.77K ETH in just three days. Last week, BitMine completed a major purchase, valued at roughly $273.2 million for 96,800 Ethereum tokens. The company aims to hold at least 5% of ETH’s circulating supply, and it is now 62% toward this target after accumulating 3.73 million ETH.

It seems that Tom Lee(@fundstrat)'s #Bitmine just bought another 7,080 $ETH($19.8M) 2 hours ago.https://t.co/yZbTCFm9GT pic.twitter.com/JHb3WYDa0a

— Lookonchain (@lookonchain) December 2, 2025

BitMine is the Largest Corporate Holder of Ethereum

Data from strategicethreserve.xyz shows that BitMine is far ahead of other companies holding Ethereum in their reserves. For context, the platform ranks 69 firms with a combined total of 6.46 million ETH worth roughly $18.11 billion. BitMine alone holds 3.73 million ETH, valued at around $10.45 billion, which means the company controls over 50% of all ETH tokens held by the firms on the list.

Other companies that made up the top five in the strategicethreserve.xyz list include SharpLink Gaming, The Ether Machine, Ethereum Foundation, and Bit Digital. These companies hold 859.4K ETH, 496.71K ETH, 230.44K ETH, and 150.24K ETH, respectively. Other firms with over 100K Ethereum holdings include Coinbase, Mantle, and Golem Foundation.  

ETH’s Price Remains Below $3,000 Despite Consistent Accumulations

At the time of press, the cryptocurrency market is slightly up 0.2% in the past 24 hours, with a market capitalization of $3.033 trillion. In contrast, Ethereum dipped 0.7% within the same timeframe, trading at approximately $2,810 with a market cap of $339.2 billion and a trading volume of $29.85 billion.

In the past week and month, ETH declined 4.1% and 27.9%, respectively. It also dropped 24.1% in the past year, underscoring its recent price struggles. Notably, BitMine is sitting on an unrealized loss based on ETH’s current price. On Sunday, the company reported that it holds 3.7 million ETH, purchased at an average price of $3,008 per token.

Meanwhile, 94% of the top-performing cryptocurrencies have outperformed Ethereum. The asset is trading below its 200-day Simple Moving Average (SMA) with only 13 green days in the past 30 days. Ethereum supply inflation remains low at 0.21% with a high volatility of 9.08%. Sentiment remains bearish as the “Fear and Greed Index” continues to reflect “Extreme Fear” at 23.  

Tom Lee, BitMine Immersion Chairman, recently retracted his previous predictions, projecting that Bitcoin could reach $250,000 by the end of this year. Until October this year, Tom Lee has maintained this bullish outlook. However, his tone changed during an Interview with CNBC last week, where he stated that Bitcoin could trade above $100,000 and possibly reach a new all-time high before this year ends.

In another interview, the Chairman mentioned that Bitcoin could attain a new all-time high (ATH) by the end of January 2026. He explained that equities will recover next year and will drive BTC’s ascent to a new ATH. 

LATEST: Tom Lee says he's no longer sure of a $250,000 year-end price for Bitcoin, and it's a "maybe." pic.twitter.com/Ln2X7c3R71

— Coinvo (@Coinvo) November 27, 2025