I dare to bet that 99% of retail crypto investors are puzzled by BitMine's operations: the market is terrible, BMNR's stock price has been halved again and again, down by 81%, where does this confidence come from to keep buying ETH every day? Even more ridiculous is that a full 4000000 ETH has been thrown in, and the price just lies on the ground pretending to be dead. Is this charity or is there something else going on?
Today I will break through this layer of window paper, tear it apart and explain these two core questions clearly to you. It's all valuable information, and if you miss it, you'll regret it!
Let's first discuss the first soul-searching question: With the market so bad, where does BitMine's funding come from?
The answer is simple; it's not a windfall, but a top-level manipulation of 'equity dilution', the core of which is that ATM equity issuance plan.
As early as August 2025, BitMine quietly filed a 20 billion dollar ATM financing plan with the SEC, plus the 4.5 billion dollars raised in June and July, directly stacking the potential arsenal to 24.5 billion dollars! What's the brilliance of this move? I'll tell you, this is TOMLEE's cunning, filing large-scale plans at the bull market peak and secretly executing them at low prices during the bear market, perfectly avoiding the pitfalls of market timing.
Unlike traditional fixed-price issuance, ATM allows companies to sell stock on the secondary market as needed to raise funds, regardless of how much the stock price has fallen; as long as there is a daily trading volume of 1 to 2 billion dollars, they can sell in batches for cash. In other words, it’s exchanging shareholders' rights for bullets; what if the stock price falls by 81%? I can still cash out to buy ETH!
As of now, BitMine has already spent 15 billion dollars, hoarding about 4 million ETH, with an average cost of 3900 dollars per coin, and still holds nearly 10 billion dollars of potential funds that have not been used. Don't ask where the money comes from; this is 'using shareholders' money to buy the market's bottom', isn't it ruthless?
Let's talk about the second painful question: why hasn't the price of the 4 million ETH I bought increased?
This leads us to BitMine's 'accumulation strategy', which revolves around two key phrases: OTC trading + extreme low-buying techniques.
First of all, they buy ETH without going through public exchanges, all through OTC channels! The advantage of over-the-counter trading is that it does not directly impact the market; large purchases do not push up prices, equivalent to sneaking into the village without making noise.
What’s even more outrageous is their price suppression operation. Let me reconstruct this for you: suppose the plan is to sweep 2 million ETH, first quietly buy 100,000 off-market, then transfer 10,000 to the exchange to crash the price, pushing it down, then return to the OTC market to buy at low prices, repeating the cycle. This operation is simply a textbook play of institutional accumulation; retail investors can’t see through it!
In addition, there are two key factors: first, ETH has no fixed supply limit; although there is a burning mechanism, theoretically, there is a possibility of inflation, and the market depth is sufficiently large. BitMine's holdings account for only 3.37% of the total supply, so scattered buying cannot create waves; second, it is currently a bear market, market sentiment has dropped to freezing point, and funds are on the sidelines. Even if there are large purchases, no one is following suit to raise the price, so it naturally can't go up.
Lastly, let me share my personal opinion: this operation is a long-term gamble at the institutional level, exactly the same as MSTR hoarding BTC, but the risks are absurdly high.
The brilliance of TOMLEE lies in locking down financing channels in advance, trading cheap equity for low-priced ETH in a bear market, betting on ETH's future explosion. Moreover, they are not just hoarding coins; they are also using part of the ETH for staking to earn returns and even plan to use ETH as collateral for loans to amplify their leverage and claim to invest in projects that promote the landing of Ethereum, aiming to fundamentally elevate ETH's long-term value.
But don't forget, this is dancing on the edge of a knife! Now BMNR's stock price has plummeted, MNAV is already below 1, and if the stock price continues to collapse, the ATM financing window may close at any time; ETH staking yields are only 3%-4%, which can't cover the opportunity cost of capital; once ETH does not rise in the long term, this 'equity for coins' play may very well turn into a Ponzi scheme.
Lastly, one more thing: if you understand BitMine's operations, you understand the underlying logic of institutions playing in crypto, which is never about short-term pump and dumping; it relies on planning and patiently enduring cycles.
