BitMine Raises Ethereum Holdings Above 4 Million ETH Amid Price Volatility

Highlights:

• BitMine raised Ethereum reserves above 4 million ETH, worth around $12.1 billion.
• Chairman Lee said the company is steadily moving toward a 5% ETH share.
• Analysts expect Ethereum may rise, with possible prices between $4,220 and $7,000.

BitMine Immersion Technologies reported a strong increase in Ethereum reserves during unstable crypto prices. A Monday update confirmed the company bought 98,852 ETH at an average price of $2,991 per coin. This purchase pushed total holdings above 4 million ETH, valued at around $12.1 billion. 

BitMine Grows Ethereum Holdings Toward 5% Target

Chairman Tom Lee shared a statement on the development. He said BitMine’s holdings crossing four million ETH marks a major step achieved in just 5.5 months. He added that the company is moving closer to its 5% target and is beginning to see benefits from its growing ETH position. “We are a key entity bridging Wall Street’s move onto the blockchain via tokenization. And we have been heavily engaged with the key entities driving cutting edge development in the defi community,” he added.

BitMine controls nearly 3.39% of Ethereum’s circulating supply. Public filings suggest the company continues to target a 5% share, with plans to add more ETH through market purchases when price conditions are suitable. 

Globally, BitMine has the largest Ethereum treasury and ranks second among all public crypto treasuries. Only Strategy is ahead, holding 671,268 BTC, worth about $59 billion at the time of reporting. Tom also said the company is developing a staking platform called the Made in America Validator Network, or MAVAN. The platform aims to provide safe staking services and is planned to launch in early 2026.

BitMine is now one of the most traded stocks in the U.S. Over five days, it averaged $1.7 billion in daily trading as of December 19. Among 5,704 U.S.-listed companies, BitMine ranks 66th. It is just behind Wells Fargo at 65 and ahead of Chevron at 67.

While BitMine expanded holdings, other large holders sold Ethereum. Crypto2Community reported that ETHZilla sold 24,291 ETH, worth about $74.5 million. The sale was linked to repayment of senior secured convertible debt and does not indicate a bearish stance on Ethereum’s market potential.

Ethereum Drops Below $3,000, Yet Rebound Signs Appear

Ethereum trading came under renewed pressure during early Asian hours, falling below $3,000 and dropping more than 2% in the past 24 hours. At the time of reporting, ETH traded around $2,963. Despite the decline, BitMine continues its Ethereum accumulation. Chairman Lee had previously expressed optimism that ETH prices could recover in the coming months, underlining the company’s ongoing confidence in the market. 

Technical analysts also see potential for a rebound. Bitcoinsensus spotted a right-angled, descending, broadening wedge on Ethereum charts. This pattern usually signals weakening selling pressure and a possible bullish reversal. According to the post, “This pattern has a high probability of breaking out to the upside with strong upside moves. Pattern Target: $7,000.”

Crypto Faibik said Ethereum is close to a multi-month trendline. They expect the price could reach $4,220 by January 2026 if momentum supports a breakout. These signals show a possible recovery. Still, overall market trends stay weak in the near term.