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 value of $2,840 has sparked fast pushback from analysts who declare the mathematics doesn’t add up.

The replace is critical 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 whole 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 collected at a mean value of roughly $2,840 per token. At present market ranges above $2,900, the place could be barely worthwhile.

Ethereum (ETH) Value 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, exhibiting constant and sizeable inflows all through October and November.

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

Ethereum Treasuries by Dimension. Supply: StrategicETHReserve.xyz

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

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

BitMine highlighted the fast rise of BMNR as one 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.

Buyers Dispute the Reported Common Buy Value

Regardless of the bullish disclosures, market onlookers rapidly challenged BitMine’s said value foundation. Blockchain analytics account Lookonchain estimated BitMine’s common buy value 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 value on the time of the corporate’s posts, slightly than an correct common buy value. Further customers independently calculated an implied common nearer to $3,800 to $4,000.

“Your common value per ETH needs 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 if 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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