BitMine continued its large-scale Ethereum accumulation this week, even as its stock price fell and its balance sheet recorded billions in unrealized losses. The company received 21,537 ETH from institutional broker FalconX, which added roughly $60 million to its reserve. Its total Ethereum stash now exceeds 3.5 million ETH and accounts for nearly 3% of Ethereum’s circulating supply.
This accumulation trend continued while the broader market declined sharply during the past month, placing additional pressure on BitMine’s financial performance.
BitMine followed its long-running plan called the “Strategic ETH Reserve” despite the downturn. The company continued to add new tranches while its treasury recorded significant paper losses. The new transfer reflected its ongoing commitment to expand its Ethereum exposure. Lookonchain tracked the wallet activity and tied the inflow directly to BitMine.
Thomas Lee, a representative at the company, said the recent decline resulted from market mechanics. He pointed to the October liquidity shock that removed tens of billions in leveraged positions. He also compared the event to the 2022 deleveraging cycle following the FTX collapse. Lee said the company expects a V-shaped recovery once market conditions stabilize.
The company continued to frame each acquisition as part of a broader reserve strategy. Its wallet activity remained steady despite the recent price slide and continued selling pressure across the ecosystem.
BitMine revealed plans for the “Made in America Validator Network,” or MAVAN, on Nov. 21. The staking system is set for a 2026 launch. The company said three pilot partners will help test the infrastructure. Lee stated that BitMine wants to build the central hub for its staked Ether.
The plan marks a shift for the company. It intends to move from a reserve-only model to an active staking operation. Such a shift could unlock annual rewards from its full holdings. If BitMine stakes its full 3.5 million ETH, the company could create recurring revenue. This revenue could also introduce a new cash-flow base that does not exist in simple holding strategies.
The launch window gives BitMine time to expand its validator partnerships. It also positions the company to become one of the largest corporate participants in Ethereum’s proof-of-stake system.
The company also declared a $0.01 annual dividend. This move placed BitMine among the few crypto-focused public companies returning capital to shareholders. Though small in size, the dividend showed that the company wants to maintain shareholder engagement during the downturn.
These developments created one central question: Can BitMine withstand the current market pressure long enough to benefit from a future Ethereum recovery?
BitMine continued to expand its holdings, advance its validator plans, and distribute capital even as the broader crypto market retreated.
Also Read: Bitcoin Price Could Fall Over 50%, Says BitMine Chair Tom Lee
BitMine continued to build its Ethereum position through new acquisitions while advancing its MAVAN staking plan and maintaining shareholder payouts. The company expanded its ETH reserves during a challenging market phase and prepared for long-term network participation. Readers may follow upcoming MAVAN updates to track how this strategy develops.