Tom Lee’s BitMine Reveals 3.6 Million ETH Holdings Amid Disputed Average Purchase Price
BitMine has disclosed one of many largest Ethereum treasuries ever recorded, 3.63 million ETH. However, its said common buy worth of $2,840 has sparked quick pushback from analysts who declare the maths doesn’t add up.
The replace is critical as a result of BitMine is now approaching its long-stated objective of buying 5% of all Ethereum, a threshold that Fundstrat has dubbed the “Alchemy of 5%.”
BitMine Discloses $11.2 Billion in Crypto and Cash Holdings
In an replace on November 24, BitMine (BMNR) reported complete holdings of $11.2 billion throughout crypto, money, and “moonshots.” The firm holds 3,629,701 ETH, 192 BTC, a $38 million stake in Eightco Holdings, and $800 million in unencumbered money.
According to BitMine, the three.63 million ETH was accrued at a mean worth of roughly $2,840 per token. At present market ranges above $2,900, the place can be barely worthwhile.
Chairman Thomas “Tom” Lee reiterated that BitMine has now acquired 3% of the Ethereum community.
Weekly Purchases Show Aggressive Accumulation
BitMine additionally revealed its weekly ETH purchases, displaying constant and sizeable inflows all through October and November.
| Period (Week ending) | Quantity of ETH Purchased |
| November 24 | 69,822 ETH |
| November 17 | 54,156 ETH |
| November 10 | 110,288 ETH |
| November 3 | 82,353 ETH |
| October 27 | 77,055 ETH |
| October 20 | 203,826 ETH |
| October 13 | 202,037 ETH |
| October 6 | 179,251 ETH |
This accumulation cements BitMine as the biggest ETH treasury globally. It can be the second-largest general crypto treasury behind MicroStrategy, which holds 649,870 BTC valued at $57 billion.
Lee argued that the current downturn in crypto costs aligns with “impaired liquidity since October 10” and weak technical circumstances.
However, he famous that ETH had already neared the beforehand projected draw back stage of $2,500 by Fundstrat.
BitMine highlighted the fast rise of BMNR as some of the actively traded shares within the US. Average day by day greenback quantity stood at $1.6 billion (five-day common as of November 21), rating the inventory #50 nationally, simply behind Mastercard and forward of Palo Alto Networks.
Investors Dispute the Reported Average Purchase Price
Despite the bullish disclosures, market onlookers rapidly challenged BitMine’s said price foundation. Blockchain analytics account Lookonchain estimated BitMine’s common buy worth at roughly $3,997, claiming an unrealized lack of greater than $4 billion.
Another analyst wrote that BitMine’s “$2,840” determine merely mirrored the ETH spot worth on the time of the corporate’s posts, somewhat than an correct common buy worth. Additional customers independently calculated an implied common nearer to $3,800 to $4,000.
“Your common worth per ETH ought to be round $3,840…is that this correct?” they posed.
BitMine has not but addressed the discrepancy or offered an in depth cost-basis breakdown. Therefore, all eyes now flip as to whether BitMine will make clear its accounting, proceed its weekly ETH accumulation, and attain the symbolic 5% possession threshold.
With Made in America Validator Network (MAVAN) set for deployment in early 2026 and BMNR rising in market prominence, BitMine’s treasury technique is more likely to stay a central narrative within the Ethereum ecosystem over the approaching months.
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