BitMine buys an additional 21,537 ETH, increasing its holdings to over 3.5 million ETH

BitMine is ramping up its Ethereum accumulation strategy even as its stock price declines and its balance sheet records unrealized losses amounting to billions of dollars. According to Lookonchain, a wallet linked to the company recently received 21,537 ETH—equivalent to about $60 million—from FalconX. This transaction brings BitMine’s total ETH holdings to over 3.5 million ETH, accounting for nearly 3% of the circulating supply and making the company one of the largest institutional holders of ETH.

Although ETH has dropped to around $2,858, losing 27% in a month, BitMine continues to expand its “Strategic ETH Reserve.” This downturn has resulted in roughly $4 billion in paper losses and contributed to a 47% drop in BitMine’s stock price. Nevertheless, company leadership remains confident. Expert Thomas Lee believes the correction stems from a liquidity shock in the market, similar to the post-FTX 2022 cycle, and predicts that ETH will recover in a V-shaped pattern as the market stabilizes.