Ethereum News Today: BitMine Swells ETH Holdings to 3% of Supply Despite $4.2B Losses

BitMine Immersion's (BMNR) aggressive Ethereum accumulation strategy continues to dominate headlines as the company's ETH holdings now total 3.63 million tokens—approximately 3% of Ethereum's circulating supply—valued at roughly $11.2 billion in crypto and cash combined. The firm, led by former Fundstrat CEO Tom Lee, has shifted from Bitcoin mining to an Ethereum-centric treasury model, leveraging market downturns to expand its digital asset reserves. On November 24, 2025, BMNR shares surged 8–9% intraday, trading around $28.22, amid renewed investor interest in its concentrated ETH exposure.

The company's latest purchases include a $59.17 million acquisition of 21,537 ETH from FalconX, pushing its total holdings to over 3.5 million tokens. BitMine's CEO, Thomas Lee, attributes the recent ETH selloff to broader market mechanics, such as the October liquidity shock that erased $20 billion in leveraged positions, rather than structural weaknesses in Ethereum. The firm's "Strategic ETH Reserve" program aims to reach 5% of Ethereum's supply, with plans to launch the "Made in America Validator Network" (MAVAN) in early 2026 to generate staking yields.

Despite the bullish strategy, BitMine faces significant headwinds. Ethereum's 40–45% decline since August has left the company with an estimated $4–4.2 billion in unrealized losses. This has eroded BMNR's net asset value (NAV) premium, which once saw the stock trade at a substantial discount to its underlying asset value. The stock has fallen over 80% from its peak, exacerbated by equity dilution from at-the-market offerings that increased shares outstanding to 384 million.

BitMine's FY25 earnings report highlighted a $328 million net income, driven largely by unrealized gains on its crypto holdings. The company also declared a symbolic $0.01 per-share annual dividend, positioning itself as the first "large-cap crypto company" to distribute dividends. However, analysts caution that BMNR's future depends heavily on Ethereum price recovery and the success of MAVAN, which must offset high advisory fees and low staking yields.

Institutional backing remains a key factor. BMNR's shareholder list includes high-profile names like Ark Invest's Cathie Wood and Founders Fund, though liquidity risks persist. The stock ranks as the 50th most traded U.S. equity, with a five-day average daily volume of $1.6 billion. This volatility attracts speculative traders but deters conservative investors.

Looking ahead, BitMine's January 2026 shareholder meeting in Las Vegas will likely address progress toward the 5% ETH target, MAVAN timelines, and capital allocation strategies. The company's success hinges on Ethereum's long-term trajectory, regulatory clarity, and its ability to execute on staking infrastructure without compromising security or liquidity.

BMNR Stock Today: BitMine Immersion Jumps as 3.63M ETH Hoard Hits $11.2 Billion – What Investors Need to Know (Nov. 24, 2025) according to market analysis.

BitMine expands Ethereum holdings with major purchase according to recent reports.

BitMine Ramps up Ethereum Buying With New $60 Million Purchase according to crypto news.

Tom Lee's BitMine Buys $82 Million ETH, Shares Soar 11% according to market data.

BitMine Immersion (BMNR) Announces ETH Holdings Reach 3.63 Million Tokens, and Total Crypto and Cash Holdings of $11.2 Billion according to official announcement.

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