This week, BitMine increased its Ethereum holdings with nearly $200 million worth of new purchases, deepening its position as the largest single asset holder.
The actions come as the price of ETH hovers near month-low readings, and they follow a steady distribution of mid-sized wallets according to on-chain data.
The acquisition of BitMinelle occurs at the same time as smaller ETH wallet holders are selling
Lookonchain, referring to Arkham Intelligence, reports that BitMine purchased 22,676 ETH from BitGol on December 6 for about $68.7 million. The transaction suggests an average purchase price of about $3,028 per token.
Specifically, the company had already acquired 41,946 ETH from FalconX and BitGolt the previous day for about $130.8 million.
These trades build on BitMine's disclosure made last week that it owned 3.73 million ETH as of November 30. At current prices, the value of the assets exceeds $11 billion.
BitMine also reported owning 192 BTC, a $36 million position in Eightco Holdings, and $882 million in cash.
According to Strategy ETH Reserve data, the company holds more ETH than its five followers combined, including SharpLink and Ethereum Foundation.
Thanks to its reserve position, BitMine is the second largest company-owned cryptocurrency by value, only behind Strategy led by Michael Saylor, the largest company-owned holder of Bitcoin.
The latest purchases come at a time when ETH markets are sluggish. According to BeInCrypto data, the token has dropped over 10% in the last month to about $3,027.
Alphractal's Ethereum Accumulation Heatmap shows that wallets holding 1–10,000 ETH sold heavily near the recent peak of this cycle. These addresses continue to sell tokens, adding pressure to the market.
Larger whales, holding over 10,000 ETH, have been limited in their activity, with little distribution but no strong accumulation.
Despite the weakness, several analysts maintain their long-term bullish outlook.
Fundstrat CEO and BitMine Chairman Tom Lee stated that Ethereum could rise to $12,000 if Bitcoin rises to $250,000, referencing the historical relationship and growing demand for realized assets of both.
He added that ETH could rise to as much as $62,000 if its valuation ratio to Bitcoin increases over time.
