BitMine is expanding its Ethereum holdings, purchasing an additional 21,537 ETH despite a broader market downturn. The acquisition reinforces the company’s aggressive accumulation strategy, which continues even as its balance sheet shows significant unrealized losses from the crypto market slump.

According to on-chain analytics platform Lookonchain, a wallet associated with BitMine received the transfer from the institutional prime broker FalconX. This latest purchase boosts the company’s total holdings to over 3.5 million ETH, representing approximately 3% of the cryptocurrency’s total circulating supply and cementing its position as one of Ethereum’s largest corporate holders.

A Bet on Market Recovery

The investment comes as Ethereum’s price has fallen over the past month, contributing to a decline in BitMine’s stock value. However, a company representative stated that the recent market weakness stems from broader mechanics, not structural flaws. Citing an October liquidity shock that wiped out billions in leveraged positions, the representative compared the event to previous deleveraging episodes, such as the one following the FTX collapse in 2022. The company anticipates a strong, V-shaped recovery once the markets stabilize.

From Passive Holder to Active Participant

BitMine also announced ambitious plans to launch its own staking infrastructure, the Made in America Validator Network (MAVAN), in early 2026. The company is already working with three pilot partners to test its validator operations and plans to expand the network with additional infrastructure providers.

A spokesperson explained that the strategy will build the premier destination for its natively staked Ether and ultimately serve the long-term interests of shareholders. By staking its entire ETH holdings, BitMine could generate substantial annual rewards, creating a recurring revenue stream. This move would transition the company from being a passive reserve holder to an active participant in securing the Ethereum proof-of-stake network.

Confidence in Long-Term Strategy

In a further display of confidence, BitMine recently declared a nominal annual dividend, making it one of the first major crypto treasury companies to distribute capital directly to its shareholders. The company has framed this decision as a demonstration of its belief in its long-term strategy, which combines steady token accumulation, the development of a U.S.-based staking network, and direct shareholder returns.