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BitMine is ramping up its aggressive accumulation of Ethereum, weathering a 47% collapse in its share price and billions in unrealized losses..
On November 23, the blockchain platform Lookonchain reported that a wallet linked to the giant company received 21,537 ETH. The transfer, valued at about $60 million, came from the main institutional broker FalconX.
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BitMine is doubling its investment in Ethereum with a staking plan
This new purchase will increase BitMine’s total holding to more than 3.5 million ETH, representing about 3% of the coin’s total circulating supply.
This step is a sign of commitment to challenge his strategy.”ETH strategic reserve“Despite recent asset price difficulties.
It was reported that Ethereum is trading near $2,808, A decrease of about 29% in the past month. BitMine’s Thomas Lee suggested that ETH’s recent weakness is attributable to general market mechanics rather than fundamental flaws.
According to his statement, the “liquidity shock” on October 10 was the main reason for the decline, since it caused a cancellation. Almost $20 billion in supported positions From the digital currency market.
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He added: “In 2022, the post-FTX liquidity shock took 8 weeks to dissipate, but like previous declines, crypto prices recovered quickly. History shows that crypto prices see a V-shaped recovery after an extended and prolonged decline, and we expect this to be the case again in the current decline.”
As a result, there may be a decline It significantly impacted the BitMine shares of ETHleaving the company with losses estimated at around $4 billion on paper. And he has This gap has greatly affected BitMine’s actionswhich has fallen by about half its value in the last 30 days.
To offset the impact of declining asset prices, BitMine is effectively redefining itself from a passive ETH holder to an active yield generator.
On November 21, the company announced the launch of the Made in America Auditors Network (MAVAN). The staking infrastructure is expected to be operational in early 2026.
Meanwhile, the company confirmed that it has selected three pilot partners to test its staking operations.
“Our plan is to partner with one or more of these pilot partners as well as world-class infrastructure providers to expand our Made in America Validator Network (MAVAN) over the next quarter… We believe in building the first destination for stable performance ether and are proud to build with the best partners.
By making 3.5 million Ethereum, Bitmain could theoretically generate significant annual revenue from network rewards. This will create a cash flow plan that pure retention strategies lack.
The company also announced an annual dividend of $0.01 per share, positioning it as the first major cryptocurrency fund to return capital directly to investors.
