Ethereum News Today: BitMine's Ethereum Grab Mirrors MicroStrategy's Bitcoin Play, Sparks Debate

Ethereum's second-largest market dip of 2025, which saw the token fall nearly 12% in November to a four-month low of $3,000, triggered a wave of strategic accumulation by institutional investors. Among the most notable buyers was BitMine Immersion Technologies, a publicly traded firm that has emerged as the largest Ethereum treasury globally, now holding over 3.5 million ETH valued at approximately $13.2 billion. This represents 2.9% of Ethereum's total supply, bringing the firm closer to its stated goal of acquiring 5% of the network's circulating tokens Ethereum Whales Buy $1.37 Billion in ETH Amid 12% November Price Drop.

BitMine's aggressive buying spree accelerated in late October and November, with the firm purchasing 110,301 ETH worth $389 million in a single week, a 34% increase in its weekly Ethereum acquisitions.

The purchases, executed during a period of heightened volatility, included a $113 million acquisition from BitGo and $896 million from an "Aave whale," according to on-chain analytics firm Lookonchain Ethereum’s Growth Boosted by BitMine’s $13.2B Ethereum Treasury. These moves align with BitMine's "Alchemy of 5%" strategy, first announced in March 2025, which aims to establish the company as a dominant institutional holder of Ethereum. Chairman Tom Lee has emphasized that such accumulation not only diversifies BitMine's portfolio-comprising 192 BTC and $398 million in cash-but also positions the firm to influence Ethereum's ecosystem growth through tokenized assets and decentralized finance (DeFi) initiatives BitMine Boosts Ethereum Holdings to Over 3.5 Million Amid Price Dip.

The market's response to these purchases has been mixed. While Ethereum rebounded modestly to $3,528 by late November, reflecting a 1.45% daily gain, broader exchange reserves hit their lowest levels since 2016, signaling a shift toward long-term holding strategies. CryptoQuant data highlights that such low reserves typically correlate with investor confidence in Ethereum's future value, particularly as on-chain metrics like negative MVRV readings indicate a historically low-risk buying zone Ethereum Whales Buy $1.37 Billion in ETH Amid 12% November Price Drop. Meanwhile, BitMine's stock (BMNR) surged over 5% following the announcement of its recent purchases, though it remains down nearly 20% year-to-date amid broader crypto market weakness BitMine Boosts Ethereum Holdings to Over 3.5 Million Amid Price Dip.

In a related development, Propanc Biopharma, a biopharmaceutical company, secured a $100 million private placement with Hexstone Capital, a family office with significant exposure to digital assets. The funds will be allocated to a digital asset treasury, with an initial $1 million already injected into the company. Propanc's CEO, James Nathanielsz, described the move as a "revolution" in funding R&D for cancer treatments, leveraging digital assets to fast-track clinical trials. The agreement includes 9,900 exercisable warrants, potentially providing up to $99 million in additional funding over 12 months Propanc Biopharma, Inc. Secures up to $100 Million Private Placement.

BitMine's accumulation strategy has drawn comparisons to MicroStrategy's Bitcoin-focused treasury, with analysts noting that the firm's Ethereum holdings now rival those of other major corporations. Lee has highlighted Ethereum's role in asset tokenization, citing a recent summit co-hosted with the Ethereum Foundation at the New York Stock Exchange, where financial institutions expressed interest in leveraging blockchain for transparency and value creation. "Wall Street is very interested in tokenizing assets onto the blockchain," Lee stated, emphasizing Ethereum's scalability and smart contract capabilities as key drivers for institutional adoption Ethereum’s Growth Boosted by BitMine’s $13.2B Ethereum Treasury.

The firm's actions have also sparked debate among market participants. While some view BitMine's treasury as a stabilizing force in a volatile market, others caution that such large-scale accumulation could concentrate influence within a single entity. However, BitMine's diversified portfolio-encompassing Bitcoin, cash, and Ethereum-suggests a hedging strategy against crypto-specific risks. As Ethereum approaches potential upgrades like the Fusaka network enhancement, which aims to improve scalability, BitMine's continued accumulation may further solidify its position as a cornerstone of institutional Ethereum adoption BitMine Boosts Ethereum Holdings to Over 3.5 Million Amid Price Dip.