TLDR
- Bitmine Immersion spent $82 million acquiring 28,625 ETH over the weekend as Ethereum prices struggled.
- The purchase came one day after a separate $60 million ETH acquisition, totaling $142 million in two days.
- BMNR shares rose 5% premarket Monday, maintaining a 258% year-to-date return despite monthly losses.
- The company’s Ethereum position now represents 3% of the cryptocurrency’s entire circulating supply.
- Bitmine will begin staking operations through its MAVAN network in 2026 while paying dividends to shareholders.
Bitmine Immersion Technologies completed an $82 million Ethereum purchase over the weekend. The transaction added 28,625 ETH to the company’s existing reserves.
The move marks Bitmine’s second major acquisition in consecutive days. On Friday, the firm received 21,537 ETH valued at approximately $60 million from FalconX. Combined, these deals total roughly $142 million in Ethereum bought within a 48-hour window.
Blockchain analytics firm Lookonchain monitored the wallet transfers. Bitmine’s treasury now contains over 3.5 million ETH. That figure equals around 3% of all Ethereum tokens in circulation, giving Bitmine the distinction of holding the world’s largest corporate Ethereum position.
The buying campaign comes during tough market conditions. Ethereum has lost value over the past 30 days. Technical analysts say the token needs to push above $2,850 to avoid testing support levels near $2,500.
Bitmine Immersion Technologies, Inc., BMNR
Shareholders Back the Strategy
BMNR stock gained 5% during Monday’s premarket hours. The rally shows investor approval of management’s contrarian approach.
The stock price has declined 50% over the last month. But zoom out and BMNR still delivers a 258% gain since the start of 2025. Few crypto-exposed stocks have matched that performance.
Large investors are taking notice. Institutional ownership ballooned from 10 million shares to 100 million shares in just four weeks. That represents a tenfold increase during a period when retail investors were selling.
Thomas Lee, a Bitmine representative, addressed the recent market turbulence. He blamed mechanical factors like forced liquidations rather than fundamental problems. Lee pointed to October’s liquidity crunch that wiped out billions in leveraged bets across crypto markets.
Lee said he expects prices to rebound sharply once the selling pressure ends. Bitmine considers the current environment favorable for accumulation. The company calls this approach its “Strategic ETH Reserve” program.
Revenue Generation Through Staking
Last week Bitmine unveiled plans for validator infrastructure called MAVAN. The “Made in America Validator Network” will go live in early 2026. Three pilot partners are already onboard to help test the system.
Running validators on Ethereum’s proof-of-stake network generates rewards. If Bitmine stakes its full ETH holdings, the operation would produce steady income. This shifts the business model from passive asset holding to active network participation.
Lee emphasized the company’s focus on quality partnerships. “We believe in building the premier destination for our natively staked Ether and are proud to build with the best partners,” he said. The goal is creating long-term value for shareholders.
Bitmine also made headlines by issuing a dividend. The payout makes Bitmine one of few crypto treasury companies returning capital to investors. Management says the dividend reflects confidence in future performance despite current headwinds.
The company plans to release detailed treasury figures soon. Investors want updated numbers on Ethereum, Bitcoin, Eightco Holdings, and cash balances. The update will provide transparency after two consecutive days of major purchases during volatile trading conditions.
