BitMine Doubles Down on Ethereum Even as the Market Drops
BitMine is not slowing down. Even with the crypto market struggling and its own stock price falling, the company just bought another 21,537 ETH. This new purchase pushes BitMine’s total Ethereum holdings to more than 3.5 million ETH—about 3% of all the Ethereum in circulation. That makes BitMine one of the biggest corporate holders of ETH in the world.
The latest buy came through a wallet linked to the company, which received the funds from FalconX, an institutional prime broker. BitMine says this is all part of its larger plan called the “Strategic ETH Reserve.”
Now, here’s the surprising part:
While Ethereum’s price has dropped hard in the last month—creating billions in unrealized losses for BitMine—the company says it’s not worried. In fact, it’s buying more.
Thomas Lee from BitMine explained that the recent crypto drop wasn’t because Ethereum is weak. He said the sell-off came from a major liquidity shock in October. It wiped out tens of billions in leveraged positions across the crypto market. Lee compared this to the big clean-up that happened after FTX collapsed in 2022. According to him, once things settle, the market could bounce back fast—what he called a V-shaped recovery.
But BitMine isn’t just buying ETH.
On November 21, the company announced something big: a U.S.-based staking system called the “Made in America Validator Network,” or MAVAN. It’s expected to launch in early 2026. BitMine already has three pilot partners on board to help test and build the network.
Lee said the goal is simple—create the best place possible for BitMine’s staked Ethereum. If they eventually stake all of their ETH, the company could earn steady, yearly rewards from Ethereum’s proof-of-stake system. That means they wouldn’t just be a large holder—they’d become a major validator on the Ethereum network.
And there’s more.
BitMine also announced a small annual dividend, making it one of the few crypto-related companies to pay shareholders directly. According to the company, this dividend is a sign of confidence in its long-term vision.
So what’s the big picture?
BitMine is going all-in on Ethereum. They’re buying more ETH, building a major U.S. validator network, and giving something back to shareholders—even while the market is down.
To them, it’s simple: This is all part of a long-term plan, and they’re not backing down.
