Tom Lee’s BitMine Reveals 3.6 Million ETH Holdings Amid Disputed Average Purchase Price

BitMine has disclosed one of many largest Ethereum treasuries ever recorded, 3.63 million ETH. Nevertheless, its said common buy worth of $2,840 has sparked speedy pushback from analysts who declare the maths doesn’t add up.

The replace is important as a result of BitMine is now approaching its long-stated aim of buying 5% of all Ethereum, a threshold that Fundstrat has dubbed the “Alchemy of 5%.”

BitMine Discloses $11.2 Billion in Crypto and Money Holdings

In an replace on November 24, BitMine (BMNR) reported complete holdings of $11.2 billion throughout crypto, money, and “moonshots.” The corporate holds 3,629,701 ETH, 192 BTC, a $38 million stake in Eightco Holdings, and $800 million in unencumbered money.

In accordance with BitMine, the three.63 million ETH was gathered at a median worth of roughly $2,840 per token. At present market ranges above $2,900, the place could be barely worthwhile.

Ethereum (ETH) Worth Efficiency. Supply: BeInCrypto

Chairman Thomas “Tom” Lee reiterated that BitMine has now acquired 3% of the Ethereum community.

Weekly Purchases Present Aggressive Accumulation

BitMine additionally revealed its weekly ETH purchases, displaying constant and sizeable inflows all through October and November.

This accumulation cements BitMine as the biggest ETH treasury globally. Additionally it is the second-largest total crypto treasury behind MicroStrategy, which holds 649,870 BTC valued at $57 billion.

Ethereum Treasuries by Measurement. Supply: StrategicETHReserve.xyz

Lee argued that the current downturn in crypto costs aligns with “impaired liquidity since October 10” and weak technical circumstances.

Nevertheless, he famous that ETH had already neared the beforehand projected draw back stage of $2,500 by Fundstrat.

BitMine highlighted the fast rise of BMNR as some of the actively traded shares within the US. Common each day greenback quantity stood at $1.6 billion (five-day common as of November 21), rating the inventory #50 nationally, simply behind Mastercard and forward of Palo Alto Networks.

Traders Dispute the Reported Common Buy Worth

Regardless of the bullish disclosures, market onlookers shortly challenged BitMine’s said price foundation. Blockchain analytics account Lookonchain estimated BitMine’s common buy worth at roughly $3,997, claiming an unrealized lack of greater than $4 billion.

One other analyst wrote that BitMine’s “$2,840” determine merely mirrored the ETH spot worth on the time of the corporate’s posts, somewhat than an correct common buy worth. Further customers independently calculated an implied common nearer to $3,800 to $4,000.

“Your common worth per ETH ought to be round $3,840…is that this correct?” they posed.

BitMine has not but addressed the discrepancy or supplied an in depth cost-basis breakdown. Subsequently, all eyes now flip as to whether BitMine will make clear its accounting, proceed its weekly ETH accumulation, and attain the symbolic 5% possession threshold.

With Made in America Validator Community (MAVAN) set for deployment in early 2026 and BMNR rising in market prominence, BitMine’s treasury technique is prone to stay a central narrative within the Ethereum ecosystem over the approaching months.

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