Ethereum Whale BitMine Boosts ETH Hoard to 3% of Supply as DAT Stocks Slump

Digital asset treasury (DAT) firms are under pressure as plunging crypto prices push their stocks below the net asset value (NAV) of the coins they hold. Most have stopped accumulating (or at least doing so in very small quantities) and some are selling tokens to fund share buybacks.

But BitMine Immersion Technology (BMNR), chaired by investor Tom Lee, is moving the other way. The company said in a press release it bought 69,822 Ether (ETH) over the past week, about US$195 million (AU$301 million), lifting its holdings to 3.63 million ETH, roughly 3% of the total supply.

BitMine has now acquired 3% of the Ethereum network. In the past week, BitMine acquired 69,822 ETH tokens. The Made in America Validator Network (MAVAN) will be the ‘best-in-class’ solution offering secure staking infrastructure and will be deployed in early calendar 2026.

Thomas Lee of Fundstrat, Chairman of BitMine.

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DATs In Hot Water

Considering the current outlook for most DAT companies, BitMine is one of the few still adding aggressively. Needless to say, the firm is currently facing a massive loss on paper, sitting on about US$4 billion (AU$6.19 billion) in unrealised losses after Ether fell nearly 40% from its ATH.

BMNR shares were up around 20% after the announcement, yet still down over 30% in the past 30 days. 

Similarly, ETH and the wider crypto market bounced from recent lows. Data from CoinMarketCap shows ETH rebounded to $2,936 (AU$4,544). Bitcoin also saw a 1.9% increase in the daily chart, keeping its price steady at $88K (AU$136K).

Overall, the crypto market surged 2.10% in the last 24 hours, yet sentiment remains deeply negative, as the CMC Crypto Fear and Greed Index is currently at 12, extreme fear.

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