BitMine Ramps Up ETH Reserves as December Buying Spree Signals a Bold Push Toward 5% Supply Control

09. Dec 2025 Posted by Laurent C. on News

BitMine Immersion Technologies — already the largest corporate holder of Ethereum — has stepped up its buying pace in December, expanding its massive ETH reserves even as market signals flash mixed warnings.

In a new disclosure, the company reported acquiring 138,452 ETH last week, a 156% increase compared to its previous four-week average. This brings BitMine’s total holdings to 3.86 million ETH, more than 3.2% of Ethereum’s circulating supply, pushing the firm two-thirds of the way toward its ambitious goal: controlling 5% of all ETH.

A Buying Spree Amid Market Weakness

Ethereum has struggled throughout Q4. Since early October, ETH has fallen roughly 24.8%, pressured by rising exchange inflows and persistent ETF outflows. Yet BitMine continued accumulating aggressively:

  • 2.83 million ETH acquired between June 30 and October 5

  • 1.03 million ETH added since October 5

  • A renewed surge in December as ETH prices ticked up roughly 4% for the month

BitMine’s accumulation strategy stands in sharp contrast to the broader market’s risk-off behavior.

Why BitMine Is Buying So Aggressively

The company says several catalysts justify its conviction, including:

  • The Fusaka upgrade, activated last week, which improved Ethereum’s scalability, security, and overall efficiency

  • A shifting macro landscape, with the U.S. Federal Reserve ending quantitative tightening and potentially announcing another interest rate cut

With more than eight weeks since the October 10 market liquidation event, BitMine argues that Ethereum is now returning to “forward-looking fundamentals.”

But Warning Signs Are Growing

On-chain data shows a significant jump in ETH being sent to exchanges:

  • 162,084 ETH flowed into Binance on December 5, 2025, the largest single-day inflow since May 2023

Such inflows typically precede selling activity and can increase short-term volatility.

ETF data paints a similar picture of market caution:

  • $1.4 billion in ETH ETF net outflows in November 2025 — the biggest monthly withdrawal ever

  • Another $65.59 million exited Ethereum ETFs in the first week of December

These trends signal weak near-term demand through institutional products.

Diverging Strategies Split the Market

BitMine’s massive, long-term ETH accumulation contrasts sharply with retreating ETF investors and rising sell-side pressure from exchanges. The market appears divided, with long-horizon corporate holders like BitMine leaning into weakness while short-term participants position defensively.

As December continues, Ethereum faces a tug-of-war between strategic buyers and liquidity-driven sellers — and BitMine is steadily tightening its grip on the asset either way.