Ethereum News Today: BitMine's ETH Hoard Rises as Stagnant Prices Pose High-Stakes Test

BitMine Immersion Technologies has further solidified its position as one of the largest institutional holders of Ethereum, acquiring 14,618 ETH worth $44.34 million in a single transaction on November 28, 2025. This purchase, reported by Arkham Intelligence, brings the company's total Ethereum holdings to 3.63 million tokens, representing 3% of the total supply and valuing its stash at approximately $10.39 billion at current prices. The move aligns with BitMine's stated goal of accumulating 5% of Ethereum's circulating supply—nearly 6 million ETH—through a combination of equity raises and strategic purchases as reported by Tekedia. Despite the influx of capital into its treasury, Ethereum's price remains stagnant near $3,030, underscoring broader market challenges such as ETF outflows and weak liquidity as noted in Coinpedia.

BitMine's aggressive accumulation strategy has driven its stock (BMNR) higher, with shares rising 9% to $31.74 following the news. However, the stock remains down 37% over the past month, mirroring the broader crypto market's decline, which has seen Ethereum drop 25% in the same period according to Coinpedia. The company's treasury model relies on issuing additional shares to fund ETH purchases, but this approach has amplified volatility in its stock. For instance, Ethereum's 24.29% price drop over the last month translated into a 45.67% decline for BMNR, reflecting the leveraged exposure inherent in its strategy.

Corporate Ethereum holdings are rising rapidly, with institutions now controlling $24.97 billion, or 5.01%, of the total supply. This trend highlights growing interest in Ethereum's role in staking, tokenized assets, and yield generation. BitMine, led by market strategist Tom Lee, has positioned itself as a key player in this shift, leveraging its treasury to capitalize on Ethereum's long-term utility as detailed in Coinpedia. Lee, who also chairs Fundstrat, has repeatedly emphasized Ethereum's potential as a "supercycle" asset, driven by stablecoin growth, real-world asset tokenization, and institutional adoption as reported by Tekedia.

Despite these bullish fundamentals, Ethereum's price has failed to break out of a trading range near $3,000. Recent data shows that large whale wallets, including BitMine's, have been accumulating ETH as prices dip below their average cost basis. Meanwhile, smaller holders have been distributing their holdings, creating a mixed on-chain environment according to Blockonomi. The stagnation contrasts with a brief $96.67 million inflow into U.S. spot Ethereum ETFs on November 24, led by BlackRock's ETHA fund, which added $92.6 million as reported by Blockonomi. This marked the first inflow for BlackRock's ETF in two weeks and followed eight consecutive days of outflows.

The ETF landscape is evolving rapidly, with BlackRock recently filing for a staked Ethereum ETF that could offer investors exposure to both price appreciation and on-chain yield. This move aims to address a key gap in existing ETH ETFs, which currently charge management fees but do not pass staking rewards to investors. Competitors like REX-Osprey and VanEck are also exploring staking-integrated products, though regulatory clarity remains a hurdle as reported by CryptoSlate.

BitMine's latest Ethereum purchase underscores the company's commitment to its "Alchemy of 5%" strategy, even as it faces $3.7 billion in unrealized losses on its holdings. The firm's balance sheet, which includes $607 million in unencumbered cash and $11.1 billion in Ethereum, reflects a high-risk, high-reward approach. Institutional backers like ARK Invest and Jim Kim have continued to add BMNR shares, signaling long-term confidence in the company's vision as reported by Tekedia.

As the crypto market navigates regulatory uncertainty and macroeconomic headwinds, BitMine's actions highlight the growing intersection between traditional finance and digital assets. Whether its aggressive accumulation pays off will depend on Ethereum's ability to break out of its consolidation phase and on broader adoption of institutional-grade crypto products.