BitMine buys 45,759 ETH, raising holdings to 4.37M ETH as CryptoQuant flags whale accumulation and potential Ethereum bottom signals.
BitMine Immersion Technologies has added 45,759 Ethereum during a period of market weakness, as new data from CryptoQuant points to potential bottom signals forming in the Ethereum market.
Institutional Buying Continues Despite Ethereum Price Drop
In a recent press release, BitMine confirmed the purchase of 45,759 ETH over the past week.
The company said it continued accumulating despite Ethereum’s recent decline. At the time of reporting, ETH traded near $1,974 and remained under pressure on the monthly chart.
Tom Lee described the pullback as “attractive” based on Ethereum’s fundamentals. He stated that BitMine sees stronger utility in the network than current prices suggest.
The firm said it plans to keep buying ETH regardless of short-term price moves.
Following the latest purchase, BitMine reported total holdings of 4,371,497 ETH. The company disclosed an average acquisition price of $1,998 per coin.
It also holds 193 Bitcoin and about $670 million in cash.
Staked ETH and Revenue Projections
BitMine reported that 3,040,483 ETH are currently staked. At a reference price of $1,998, the staked amount is valued near $6.1 billion. The firm said it achieved a 2.89% seven-day staking yield.
Based on that yield, BitMine projected potential annual staking rewards of up to $252 million at scale.
However, the company also listed annualized staking revenue at $176 million. It compared its yield to Quatrefoil’s Composite Ethereum Staking Rate of 2.84%.
Lee said the company is building its Made in America Validator Network, known as MAVAN.
The rollout is scheduled for early 2026, with a Q1 target. BitMine confirmed it is working with three staking providers ahead of deployment.
Related Reading: Tom Lee’s Bitmine Adds 140K ETH, Staked Total Nears $6B
CryptoQuant Data and Market Reaction
CryptoQuant reported that Ethereum whales are holding losses at levels seen near past market bottoms.
The firm stated that whales have not realized profits in this cycle and have continued to accumulate. It added that whale holdings are now at record levels.
CryptoQuant said these patterns have appeared near previous turning points. The firm noted that current positioning may reflect long-term conviction among large holders.
Ethereum price action remains volatile as broader crypto markets consolidate.
Meanwhile, BitMine’s stock, BMNR, traded at $20.40 in premarket activity, down 2.67% over 24 hours.
The company reported total crypto, cash, and equity holdings of $9.6 billion. BitMine also said its Ethereum holdings represent 3.62% of the total ETH supply as it works toward its stated 5% allocation target.
Source: https://www.livebitcoinnews.com/tom-lees-bitmine-buys-45759-eth-as-bottom-signals-flash/
