Last updated on December 18th, 2025 at 08:05 am
Quick Breakdown
- BitMine adds 21,537 ETH, pushing its total holdings past 3.5 million despite steep unrealized losses.
- Firm doubles down with plans for a U.S.-based staking network launching in early 2026.
- Management expects a V-shaped market rebound and recently introduced a nominal annual dividend.
BitMine accelerates accumulation as ETH prices struggle
Crypto analytics platform Lookonchain says BitMine has acquired an additional 21,537 ether, continuing a months-long Ethereum accumulation strategy even as its stock price weakens.
Tom Lee(@fundstrat)’s #Bitmine is still buying $ETH.
A new wallet 0x5664 — likely linked to #Bitmine — just received 21,537 $ETH($59.17M) from the #FalconX 8 hours ago.https://t.co/8kg77vYddh pic.twitter.com/FKivNNe0jM
— Lookonchain (@lookonchain) November 23, 2025
The ETH was reportedly transferred from institutional broker FalconX to a wallet linked to the company. This latest move lifts BitMine’s total holdings to over 3.5 million ETH, around 3% of Ethereum’s circulating supply, cementing its status as one of the largest corporate ETH holders.
Billions in paper losses, but confidence remains
Ethereum’s month-long decline has wiped billions off BitMine’s balance sheet in unrealized losses and placed pressure on its stock. Still, the firm says its continued purchases are part of its long-term “Strategic ETH Reserve” program.
According to company representative Thomas Lee, the market downturn stems from broader liquidity shocks rather than weakness in Ethereum itself. He pointed to the massive October washout that erased tens of billions in leveraged crypto positions, likening the cleanup to the pos2022 t-FTX deleveraging cycle. Lee remains optimistic, expecting a V-shaped recovery once markets stabilize.
MAVAN staking network scheduled for 2026 launch
On November 21, BitMine revealed plans for its “Made in America Validator Network” (MAVAN), a U.S.-based staking infrastructure initiative scheduled to go live in early 2026. Three pilot partners have already been selected for initial testing.
Lee said the company aims to scale MAVAN with additional partners and top-tier infrastructure providers, positioning BitMine as the “premier destination” for its staked ETH.
From holder to network participant
Should BitMine decide to stake its entire ETH reserve, it could generate significant recurring annual rewards, shifting from a passive treasury strategy to an active role in Ethereum’s proof-of-stake ecosystem.
BitMine also recently introduced a nominal annual dividend, becoming one of the first major crypto treasury firms to distribute shareholder returns. The company describes this move as a signal of confidence in its long-term roadmap.
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