BitMine’s Ethereum Plans Face Scrutiny as Treasury Math Sparks Fresh Debate

25. Nov 2025 Posted by Laurent C. on News

BitMine has unveiled one of the largest Ethereum treasuries ever reported—3.63 million ETH—bringing the company closer than ever to its long-publicized ambition of owning 5% of the entire network. But its claimed average purchase price of $2,840 has quickly become the centerpiece of a heated community dispute.

In a November 24 disclosure, BitMine (BMNR) reported $11.2 billion in total assets spanning crypto holdings, cash reserves, and high-risk “moonshot” allocations. Its Ethereum stack now includes 3,629,701 ETH, alongside 192 BTC, an $38 million investment in Eightco Holdings, and $800 million in unencumbered cash. Chairman Thomas “Tom” Lee reaffirmed that BitMine controls roughly 3% of all circulating ETH.

BitMine also released its weekly accumulation log, continuing its rapid October–November buying streak:

  • Nov 24: 69,822 ETH

  • Nov 17: 54,156 ETH

  • Nov 10: 110,288 ETH

  • Nov 3: 82,353 ETH

  • Oct 27: 77,055 ETH

  • Oct 20: 203,826 ETH

  • Oct 13: 202,037 ETH

  • Oct 6: 179,251 ETH

This accumulation solidifies BitMine as the world’s largest ETH-holding corporation and the second-largest crypto treasury globally, trailing only MicroStrategy’s 649,870 BTC.

However, the celebratory tone didn’t last long. Independent blockchain analysts quickly challenged BitMine’s cost-basis claim, arguing that the math simply does not align with observed on-chain purchases. Estimates from Lookonchain and other researchers place BitMine’s implied average between $3,800 and $4,000, suggesting potential unrealized losses exceeding $4 billion.

Some critics contend the “$2,840” figure may represent the market price on the day of BitMine’s posts—not a true blended acquisition price.

The company has not responded to requests for clarification, leaving investors waiting to see whether BitMine will release a transparent cost-basis breakdown or continue to let the discrepancy linger.

Still, BMNR stock continues to surge in market activity, ranking among the top 50 most-traded US equities with a five-day average volume of $1.6 billion—just behind Mastercard and ahead of Palo Alto Networks.

As BitMine advances toward the symbolic 5% ETH ownership threshold and prepares for its Made in America Validator Network (MAVAN) rollout in early 2026, its treasury strategy is poised to remain one of the dominant storylines shaping Ethereum’s next chapter.