BitMine Ramps up Ethereum Buying With New $60 Million Purchase

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BitMine, with the confidence of a gambler doubling down after losing half his stake, is aggressively ramping up its Ethereum stash-despite a 47% plunge in stock price and the kind of unrealized losses that could make even a seasoned investor sweat.

On the 23rd of November, the blockchain platform Lookonchain made a startling revelation: a wallet tied to BitMine received a hefty 21,537 ETH. The sum? A cool $60 million, courtesy of institutional prime broker FalconX.

BitMine Doubles Down on Ethereum With Staking Plan

This latest acquisition brings BitMine’s total hoard of Ethereum to a staggering 3.5 million ETH, making up nearly 3% of the entire circulating supply. Because who wouldn’t want to own a chunk of the digital future, even if it’s plummeting like a lead balloon?

Tom Lee(@fundstrat)’s #Bitmine is still buying $ETH.

A new wallet 0x5664 – likely linked to #Bitmine – just received 21,537 $ETH($59.17M) from the #FalconX 8 hours ago.

– Lookonchain (@lookonchain) November 23, 2025

The move seems to signal that BitMine is far from abandoning its “Strategic ETH Reserve” strategy. In fact, they’re in it for the long haul, regardless of Ethereum’s recent struggles in the market.

Ethereum, in case you’ve missed it, is currently trading at $2,808-a sobering 29% drop from last month’s highs. But, according to BitMine’s own Thomas Lee, the blame isn’t entirely on Ethereum. No, it’s the “broader market mechanics” that are wreaking havoc. And, of course, the October 10 “liquidity shock,” which wiped nearly $20 billion off the crypto market, is at the heart of the issue.

“In 2022, the post-FTX liquidity shock took 8 weeks to clear, but similar to prior drawdowns, crypto prices quickly recovered. History shows crypto prices stage V-shaped recoveries after a lingering and drawn out decline, and we expect this to again be the case in this current drawdown,” He added.

The aftermath of this market chaos has left BitMine staring down a chilling $4 billion in paper losses on their ETH holdings. No wonder their stock has plummeted nearly 50% in the past month. You could say their portfolio is the financial equivalent of a soggy pancake.

In an effort to soften the blow of these declining asset prices, BitMine is rebranding itself from a passive Ethereum holding company to an active yield generator. Because why just hold when you can actively lose more money, right?

On November 21, BitMine unveiled its grand vision: the “Made in America Validator Network” (MAVAN). The proprietary staking infrastructure is slated to launch in early 2026-plenty of time for the market to recover, or maybe crash again. Who knows?

Meanwhile, three pilot partners have been selected to test out the staking operation. A bold move, one might say, but then again, what’s a little more risk when you’re already knee-deep in a volatile market?

“We plan to partner with one or more of these pilot partners plus world-class infrastructure providers to scale our own “Made in America Validator Network” (MAVAN) over the coming quarter…we believe in building the premier destination for our natively staked Ether and are proud to build with the best partners. At scale, we believe our strategy will best serve the long-term best interests of our shareholders,” Lee stated.

If all goes according to plan, staking 3.5 million ETH could generate a substantial annual revenue stream from network rewards. That would create a nice cash-flow cushion that the traditional holding strategy-currently in the midst of a market downturn-lacks.

But don’t get too excited, folks. To further sweeten the pot, BitMine announced an annual dividend of $0.01 per share. Yes, that’s right, one penny per share. Because, when in doubt, toss a bone to your investors. BitMine is officially the first large-cap crypto treasury to return capital directly to its investors. Is it enough to offset the market’s volatility? Who can say? But at least they’re trying.

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2025-11-23 19:57