As the crypto market is under pressure and the price of Ethereum (ETH) continues to decline, one name keeps popping up in the on-chain data. BitMine is using the price drop to make another big move and continues its series of weekly purchases.
BitMine is once again buying millions of Ethereum
BitMine purchased an additional 48,049 Ethereum during the recent price dip, a transaction worth approximately $140.6 million. The purchase was discovered by analysis platform Lookonchain and took place via a FalconX hot wallet. Officially, the company has not yet confirmed the transaction.
According to the latest numbers from StrategicETHReserve, excluding this purchase, BitMine owns 3,967,210 ETH. This latest purchase increases BitMine’s total ETH supply to approximately 4.015 million units. At the current rate of $2,930 per coin, this represents a value of approximately $11.75 billion.
Yesterday’s purchase fits into a longer pattern. BitMine has been purchasing Ethereum continuously since July. In the first two weeks of December, the company added a whopping 240,711 ETH to its reserves.
BitMine is showing a cautious recovery on the stock market. The share closed 1.42 percent higher yesterday, but is still down 19.1 percent over the past five trading days.
That share decline is accompanied by large losses in the ETH price over the past week. The token briefly touched $3,400 last Wednesday, but has now fallen by almost 14 percent.
BitMine is originally an American listed Bitcoin (BTC) miner. However, in 2025, the company changed its strategy and became the largest public Ethereum investor in the world.
Why Keep Buying Bitmine?
It doesn’t seem like the company will stop hoarding anytime soon. BitMine has indicated in the past that it focuses on the long term and will not be guided by short-term fluctuations.
In an official filing with the Securities and Exchange Commission (SEC), the company said it sees the Fusaka upgrade as an important development for the Ethereum network, the consequences of which will be felt in the near future. The upgrade makes the network faster and more efficient and went live on December 3.
The filing also states that the company is counting on a more favorable monetary policy from the Federal Reserve (Fed), which could also have a positive impact on the ETH price. The tightening policy of the US central bank came to an end on December 1.
In addition to the 25 basis point interest rate cut, the Fed also indicated during the recent FOMC meeting that it will purchase $40 billion in short-term government bonds. This provides additional liquidity in the financial markets, which is usually beneficial for riskier assets such as crypto.
Chairman Tom Lee has also previously indicated that he expects Ethereum to be at the beginning of a super cycle. He also thinks that the digital currency could reach a new record value of $20,000 in 2026.
Currently, BitMine already owns more than 3.2 percent of the circulating Ethereum supply, but the company has an explicit goal of expanding that stake to 5 percent of all ETH.
Analyst: Ethereum is in danger of falling further
BitMine may be able to stock up on ETH even cheaper. Technical analyst Ted predicts a further decline in the short term if Ethereum fails to quickly regain the psychologically important level of $ 3,000.
If the currency does not rise above this limit, a further decline towards the zone below $2,800 is likely, according to Ted. This would mean that Ethereum would once again fall towards the low of the end of November, where a lot of buying activity had previously taken place.
However, the Ethereum price should not fall too far. BitMine bought its coins at an average of $3,074. If the decline continues, the company will end up deeper in the red.
Source: https://newsbit.nl/bitmine-koopt-opnieuw-ethereum-waarom-blijft-het-bedrijf-doorkopen/
