BitMine Immersion Technologies has continued its aggressive accumulation strategy, purchasing an additional 7,080 Ether (ETH) for approximately $19.8 million. This recent transaction is part of a larger buying spree that solidifies the company’s position as a major corporate holder of the cryptocurrency.

According to on-chain data, a wallet associated with BitMine executed the purchase on December 2. This followed a weekend of significant activity where the same wallet acquired 16,693 ETH for about $50.1 million. Over a three-day period, the company added a total of 23,773 ETH, valued at roughly $70 million, to its reserves.

With these latest acquisitions, BitMine now holds over 3.7 million ETH. This substantial amount represents more than 3% of Ethereum’s total circulating supply, and the company has stated a long-term goal of eventually holding 5%.

Strategic Accumulation Amid Market Volatility

BitMine’s continued investment comes at a time of market uncertainty for Ethereum. The digital asset has faced significant selling pressure, with its price falling nearly 30% over the past month and trading more than 43% below its all-time high set in November 2021. The downturn has been intensified by outflows from Ethereum exchange-traded funds (ETFs), which had previously supported its price.

Despite the bearish sentiment, BitMine’s leadership views the current market as a strategic opportunity. Chairman Tom Lee explained that the firm is positioning itself ahead of potential catalysts that could shift market dynamics, such as upcoming network upgrades and a possible interest rate cut by the Federal Reserve.

“In the past week, BitMine acquired 96,798 ETH tokens,” Lee stated in a recent press release. “Collectively, we see these acting as positive tailwinds for ETH prices, and thus, we stepped up our weekly purchases of ETH by 39%.”

A Focus on Institutional Staking

Beyond simple accumulation, BitMine is also developing infrastructure to support the Ethereum network. The company is working on a compliant staking solution aimed at large institutions called The Made in America Validator Network (MAVAN).

“We continue to make progress on our staking solution,” Lee noted. “This will be the ‘best-in-class’ solution offering secure staking infrastructure and will be deployed in early calendar 2026.”