BitMine Buys $140M in ETH, Holdings Rise to ~4M ETH as Prices Dip

Published: 2025-12-17 07:49:09 |

BitMine acquired roughly $140 million of Ethereum (ETH) during a market dip, with blockchain trackers noting a 48,049 ETH transfer from a FalconX hot wallet that market observers attribute to the firm. The company’s disclosure earlier showed holdings of 3,967,210 ETH at an average cost of $3,074 per ETH; after the latest purchase its stake is about 3.97–4.00 million ETH, valued near $11.6 billion at current prices. BitMine substantially accelerated buys in 2025 — adding 240,711 ETH in early December alone — and says it aims to control roughly 5% of Ethereum’s circulating supply. The buy coincided with ETH sliding below $3,000 (trading near $2,926) and a roughly 12% weekly decline. Tom Lee, BitMine’s chairman, pointed to regulatory progress in Washington and rising Wall Street interest as positive drivers for crypto. BitMine’s NYSE American-listed stock (BMNR) rose modestly on the day, closing at $31.39, up 1.42% and roughly 551% over six months. For traders: the purchase signals continued institutional accumulation of ETH, increases BitMine’s influence over circulating supply, and may provide a supportive bid under price during dips — but consider concentration risks, execution/confirmation uncertainty for the specific transfer, and broader macro/regulatory factors when sizing positions. Disclaimer: not investment advice.

Bullish

Institutional accumulation of a large ETH position by BitMine is generally bullish for ETH price because it reduces available circulating supply and signals continued demand from a public, balance-sheet buyer. The purchase occurring during a price dip indicates dollar-cost averaging behavior and can create a psychological and technical floor that supports short-term price stability. Increased holdings (near 4M ETH) and a stated goal to control ~5% of supply amplify that effect over time. However, the immediate impact may be muted given ETH’s large market cap and the absence of full confirmation for the specific transfer; macro factors and regulatory developments cited by BitMine add conditional, medium-term support rather than guaranteeing an immediate rally. For traders: expect potential short-term support on dips and sustained structural demand if accumulation continues, but remain cautious about liquidity, concentration risk, and wider market volatility.