The firm now stakes 659K ETH, gearing up for their Made in America Network launch in Q1 2026 to crank staking yields.
Ether’s rebound through $3,000 has come with an unusual backdrop: a publicly traded “ETH treasury” buyer piling in while the token is still struggling to regain key resistance.
Several reports point to BitMine Immersion — led by Fundstrat CIO Tom Lee — as the most visible bid. On-chain trackers cited by multiple outlets show BitMine adding to its Ether position in late December, including one purchase of 29,462 ETH worth about $88 million, following another buy of roughly 13,412 ETH valued around $40.6 million. One account also described a separate move to stake an additional $259 million in ETH, though specifics varied by report.
BitMine has urged shareholders to support a share proposal that would, according to coverage, help sustain its buying program. The company’s own statements cited in reporting put its Ether holdings above 4 million ETH and total crypto-plus-cash holdings at more than $13 billion, a scale that makes BitMine a market factor even if it isn’t dictating the tape day-to-day.
Accumulation Meets Choppy Ether Price Action
Despite the headline purchases, Ether has been trading in a narrow, contentious band. Technical coverage described ETH pinned under descending resistance in the near term, while other analysis framed the move above $3,000 as a relief rally after a slide toward the high-$2,700s earlier in the month.
Data cited from CryptoQuant suggested sell pressure has cooled: Ethereum “taker sell volume” on a 30-day average was described as at its lowest since May. Separate reporting also pointed to exchange outflows — coins leaving centralized venues — as supportive for price, even as ETH remained well below prior highs.
Ethereum’s Institutional Flows Muddy The Signal
ETF flows have been inconsistent. One report said US spot ETH ETFs snapped a streak of outflows with a single-day net inflow of about $84.6 million, while other coverage referenced heavy weekly outflows earlier in the period, underscoring how quickly institutional positioning is swinging.
For investors, the immediate question isn’t whether BitMine can keep buying — it’s whether that demand can offset the broader cycle of macro sensitivity, options-related volatility, and ETF flow whiplash. The most actionable level remains the same: ETH’s ability to hold above $3,000 and reclaim the mid-$3,200s to $3,400 zone cited by traders as the threshold for a cleaner trend.
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