BitMine increased its Ethereum purchases by 34% last week, acquiring 110,288 ETH versus 82,353 the previous week. The buying took place as ETH traded near $3,561 after a 13.4% two-week decline, reinforcing the company’s role as the largest ETH treasury. The move matters to managers and investors for its impact on institutional demand and the long-term valuation signal.
According to the company, the purchase was made when ETH was near $3,561, after a cumulative 13.4% decline over two weeks. According to the firm’s statement, the acquisition on November 10, 2025 raised BitMine’s Ethereum holdings to 3,505,723 ETH as of November 9, 2025. The company reported an average acquisition cost of $3,639 per ETH, above the market price at the close of the period, indicating intentional accumulation during the pullback. Chairman Tom Lee stated that the correction represented “an attractive opportunity” to strengthen the treasury.
BitMine’s combined treasury amounts to $13.2 billion, including approximately $12.7 billion in ETH, 192 BTC, a $61 million stake in Eightco Holdings, and $398 million in cash. BitMine aims to control up to 5% of the total Ethereum supply; it currently holds close to 2.9% of the circulating supply.
BMNR shares had gained more than 400% in 2025, trading around $41.15 at the referenced time, according to data released by the company. Tom Lee’s comments about a “super cycle” and ETH price targets between $12,000 and $15,000 for the end of 2025 provide the strategic narrative that motivates these purchases, although aspirational figures from third parties, such as more aggressive projections, were cited in the statement.
Implications for Ethereum and BitMine
The massive accumulation by a single entity can alter liquidity dynamics and risk perception: a treasury of 3.5 million ETH concentrates long-term demand and reduces supply available to the spot market, which, in periods of low liquidity, can amplify price movements. For traders and managers, the purchase suggests greater correlation between institutional flows and future rallies, but it also raises the risk of idiosyncratic concentration in the event of a sustained correction.
Closing milestone to watch: BitMine’s ambition to reach 5% of the total ETH supply, a target that, if realized, will continue to shape flows and liquidity in the Ethereum market. The evolution of those percentages and the company’s upcoming disclosed purchases will be operational indicators for traders and managers.
