BitMine Now Controls 3% of Ethereum Supply After Latest $200 Million Purchase
Company Pushes Ahead with Massive Accumulation, Averaging in Near Lows
In the midst of one of crypto’s harshest downturns in recent memory, BitMine Immersion (NYSE:BMNR) is doubling down on Ethereum. On November 24, the Tom Lee–run company bought an additional $200 million worth of ETH, boosting its total Ethereum holdings to over $10 billion—about 3% of the cryptocurrency’s global supply.
Bear Market Creates Opportunity for Accumulators
BitMine’s aggressive accumulation comes on the heels of a historic leverage wipeout that sent Ethereum’s price plummeting by 35% since October 10. For perspective, Bitcoin has fallen by around 30% in the same period. The dramatic market move pushed ETH below a key psychological level of $3,000 and drove further capitulation among traders.
Despite the downturn, BMNR’s strategy appears steadfast. The company’s chair, Tom Lee, is sticking to his bullish outlook and predicts a sharp reversal for the crypto market before year’s end. Notably, Lee has forecast that ETH could rally as high as $7,000 by December. For now, ETH trades at roughly $2,900, only slightly above BitMine’s new average cost of $2,840 per token after the recent purchase.
BitMine’s Ambitious Goal: Aiming for 5% of All ETH
BitMine has publicly stated its ambition to own 5% of all existing Ethereum—a feat that would make it one of the most influential holders in the ecosystem. Their conviction is backed by an accumulation program that’s buying aggressively on weakness, aiming to benefit from eventual mean reversion if or when sentiment flips.
To visualize the scale and commitment of BitMine’s buying, consider the following:
| Metric | Value |
|---|---|
| Recent ETH Purchase | $200 million |
| Total ETH Holdings | Over $10 billion |
| Share of Global ETH Supply | 3% |
| Targeted Supply Share | 5% |
| Average Cost Per ETH | $2,840 |
Market Implications: Is This the Ultimate Contrarian Play?
While much of the market is still licking its wounds, BitMine’s continued buying signals a rare conviction. The move may have ripple effects—not just as a show of confidence, but potentially as a supply shock if ETH recovers sharply from current levels. The magnitude of BitMine’s buying could tighten liquidity, amplifying price swings in either direction.
It’s also worth noting the performance of BMNR stock: it’s up 344% in 2025, a staggering move considering ETH itself is down 13% on the year. This divergence underlines investor enthusiasm for the company’s aggressive treasury strategy.
Takeaway: High-Conviction Bets When Sentiment is Lowest
With an average ETH cost almost exactly matching current market prices, BitMine has little room for error—but substantial upside if their bet proves right. Their long-term ambition to hold 5% of all ETH could become one of the most talked-about moves in the next bull market.
As always, the question remains: will history remember BitMine’s purchase as perfectly timed courage, or as a risky gamble during peak uncertainty? Either way, this is a playbook worth watching closely.
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