Ethereum News Today: BitMine's $10.2B ETH Hoard: Supercharging Ethereum's Supercycle?

Ethereum's price edged closer to a critical $3,000 threshold on Nov. 25, 2025, as the cryptocurrency tested key resistance levels following a recovery wave that pushed it above the $2,850 support zone. The price action comes amid growing institutional interest, highlighted by BitMine Immersion Technologies' continued accumulation of Ethereum. The firm now holds 3.63 million ETH - 3% of the total supply - valued at approximately $10.2 billion, solidifying its position as the largest Ethereum treasury globally. BitMine's total crypto and cash holdings, including 192 Bitcoin and $800 million in unencumbered cash, now exceed $11.2 billion.

The company's aggressive buying spree, which added 69,822 ETH in the past week alone, underscores its bet on Ethereum's long-term potential. Thomas "Tom" Lee, BitMine's chairman and a prominent crypto analyst, reiterated his "supercycle" thesis for ETH, arguing that the recent pullback to $2,500–$2,850 presents an asymmetric risk-reward scenario.

Ethereum's technical outlook remains mixed. While bulls pushed the price above the 50% Fibonacci retracement level of its recent decline from $3,058 to $2,620, bear's have entrenched themselves below $3,000. A bearish trend line forming at $2,970 on hourly charts poses an immediate hurdle, with a break above $3,000 potentially unlocking gains toward $3,120 or $3,250. Conversely, a failure to hold above $2,840 could trigger a fresh decline toward $2,780 or even $2,500, according to analysts at Yellow.com and TradingView.

BitMine's strategy to stake its ETH holdings via the upcoming Made in America Validator Network (MAVAN) in early 2026 adds another layer of significance to its treasury. The firm aims to leverage staking yields to offset its $3.4 billion unrealized loss on ETH holdings, a move that could stabilize its cost basis as market volatility persists. The company's stock, which ranks 50th in U.S. trading volume, also reflects its dual influence in crypto and traditional markets.

Regulatory developments, including the anticipated GENIUS Act and SEC's Project Crypto, further frame the backdrop for Ethereum's near-term trajectory. Meanwhile, on-chain metrics reveal a tug-of-war between long-term holders, who are reinforcing their positions, and a lack of new investor inflows, which could limit ETH's upside unless broader adoption accelerates.