BitMine expanded its Ethereum treasury on Thursday after Lookonchain reported a new $44.34 million purchase linked to wallet “0xbd0…E75B8.” The transaction originated from BitGo at around 5:07 p.m. yesterday. BitMine has not confirmed the activity. The move follows its earlier $200 million purchase made this month. The company currently holds 3,629,701 ETH worth about $10.9 billion based on its last official update.
Its holdings now represent nearly 3% of the total Ethereum supply. The company continues to target 5% of all coins as its long-term goal. Tom Lee, BitMine’s chair, has repeatedly supported Ethereum’s position within financial services. He stated that the White House and Wall Street will likely select Ethereum due to its neutral structure.
Meanwhile, data from the Strategic ETH Reserve shows that 68 corporate entities hold 6.36 million ETH. This amount equals 5.26% of all coins. BitMine’s portfolio trades with a mNAV of 0.80, meaning a 20% discount relative to its underlying ETH value.
BitMine shifted its strategy in early 2025 after stepping away from Bitcoin mining. It raised more than $7 billion through new share issuance. It then used the funds to build a dedicated Ethereum treasury. As part of this plan, BitMine began developing the Made in America Validator Network. The project aims to launch in 2026 and will allow the company to stake its ETH and support the network.
Institutional activity in Ethereum continues to expand. Analysts see large treasury buys as catalysts for possible market cycles. These cycles may grow due to staking returns and broader participation in validation. This has raised a single question for traders: will increased corporate demand accelerate ETH accumulation during the next market phase?
Additionally, the newly reported BitMine purchase averaged roughly $3,032 per ETH. The amount reflects the total value of $44.34 million for 14,618 units. The transaction occurred on November 28, 2025. Many institutions are now viewing ETH as a potential hedge against traditional market volatility.
Furthermore, traders are watching whale activity because similar patterns previously preceded price swings. Past accumulation events created price increases of 5% to 10% within two days. These moves often generated short-term setups for ETH/USD traders.
Ethereum trading volume remains steady, and the market continues to monitor resistance near $3,500. BitMine’s latest move may influence market flows if bullish momentum builds. Its acquisition also strengthens its status as the largest corporate holder of Ethereum. The strategy resembles Michael Saylor’s Bitcoin approach. His company now holds 649,000 BTC.
Market conditions have weakened recently. Bitcoin, Ethereum, and other cryptocurrencies recorded notable declines in past weeks. Despite this, Tom Lee expects a rebound. He stated on a podcast that ETH may bottom near $2,500 before rising toward $7,000 to $9,000 by January 2026.
He also told CNBC that he expects the Federal Reserve to adopt a dovish stance later this year. He said clearer macroeconomic signals may ease market pressure. He further noted that Bitcoin could surge above $100,000 by the year’s end or even reach a new high.
BitMine strengthened its Ethereum position with a new $44 million purchase as its corporate holdings approach 3% of the total supply. Institutional accumulation continues to build, and market analysts monitor whale activity for potential short-term shifts. Traders may watch ETH levels closely as new corporate demand grows.
Read More: BitMine Expands ETH Reserves as New Staking Plan Advances