BitMine advances in the crypto storm with a simple strategy. While the market has been slipping for weeks, the largest Ethereum treasurer maintains its purchases and reinforces a conviction that already accounts for 3% of all ETH supply. A massive move as most Digital Asset Treasuries slow down or liquidate some of their positions. BitMine is fearless.
BitMine: an ETH vacuum that doesn’t slow down
The company added 69,822 ETH last week. A single operation representing about $200 million at the current price. With this new batch, BitMine now holds around 3.63 million ethers. Total value: just over $10 billion dollars after the recent correction.
We noted that the price of ETH could drop to around $2,500, and the current price of ETH overall is around that level.
Ethereum is hovering around $2,800, almost 30% lower in a month. This drop mechanically reduces the valuation of BitMine’s treasury, which was worth over $12 billion just two weeks prior. Despite this decrease, the company stays the course. It believes the key support lies around $2,500. In other words, the downside potential would be limited to less than 10%, while the upside potential targets what BitMine describes as an Ethereum supercycle.
A market context that strangles the DAT
Since October, crypto liquidity has dried up. Prices remain fragile, order books are thinner, and volatility is rising. This situation puts pressure on Digital Asset Treasuries, whose market capitalization sometimes falls below the value of the assets held. Many have stopped their purchases and opt for share buyback programs to alleviate investor pressure.
BitMine does the opposite. The group chaired by Tom Lee continues to stack ETH, even while sitting on approximately $4 billion in unrealized losses. The bet remains clear: a structural bullish cycle on Ethereum. Major investors backing the company strengthen this image. Cathie Wood, DCG, Founders Fund, Galaxy Digital, Pantera, and several figures like Bill Miller or Tom Lee himself are among the shareholders.
An ETH treasury, but not only
The company does not rely solely on its mountain of ETH. It holds 192 bitcoins, an investment in Eightco Holdings valued at $38 million, and most importantly $800 million in available cash. This financial cushion increases from week to week through aggressive portfolio management and positions BitMine in an expansionary stance while others retract.
Towards a more traditional strategy to reassure the market
BitMine also tries to enhance its appeal to traditional investors. The company has announced a dividend and has already approved a share buyback plan. A way to offer more traditional returns to those who hesitate in the face of crypto volatility.
In the midst of the market downturn, BitMine takes a totally different approach. The company persists on Ethereum, continues to accumulate, and bet on the idea that the next true bullish move will benefit those who endured the trough’s turbulence first. A risky yet deliberate strategy that places BitMine at the forefront of the debate on the rise of crypto treasuries and their role in the upcoming cycles of the digital market: all or nothing.
