Ethereum Holdings Surge Past 70,000 ETH as BitMine Aggressively Pursues "5% Alchemy" Blueprint; Downside Risk Reportedly Near $2,500

Major Capital Push

BitMine Immersion Technologies announced on November 24 that it deployed significant capital to secure an additional 69,822 ETH tokens. This strategic move elevates the company’s total Ethereum position to 3,629,701 tokens, now representing approximately 3% of the network’s circulating supply. The acquisition marks substantial progress toward the organization’s publicly disclosed long-term objective: amassing 5% of all circulating Ethereum—a milestone they’ve now achieved two-thirds of the way through.

Portfolio Breakdown and Total Assets

Beyond Ethereum holdings, BitMine’s balance sheet reflects a diversified cryptocurrency and cash position. The company reports total assets reaching $11.2 billion, comprising: the aforementioned 3.62+ million ETH; 192 Bitcoin; a $38 million allocation in Eightco Holdings (ORBS), framed internally as the “Moon Landing Plan”; plus $800 million in liquid cash reserves.

Contrasting Market Sentiment

While BitMine leadership remains constructive on Ethereum’s trajectory, on-chain analytics firm Lookonchain highlighted a critical reality: the company’s average cost basis per ETH stands at approximately $3,997. Given current market conditions—with ETH trading near $3,160—this cost differential has generated paper losses now exceeding $4.25 billion across the enterprise holdings.

Tom Lee’s Market Outlook

Chairman Tom Lee articulated a nuanced perspective on current market dynamics. He characterized recent weeks as a period of liquidity compression and technical weakness, observing that downside risk had previously been estimated around $2,500—a level now largely realized in market pricing. Lee’s assessment emphasized asymmetric risk positioning: with approximately 5% to 7% downside remaining while the potential for an “unprecedented super cycle” looms should sentiment reverse. The company also highlighted the upcoming deployment of its Manufactured Validator Network (MAVAN), positioned as enterprise-grade staking infrastructure slated for early 2026 rollout.

Market Response

Despite the substantial unrealized losses, BMNR shares demonstrated resilience, rallying approximately 12% following the US market open on November 24, with intraday peaks near $29 and market capitalization recovering to $7.4 billion. The rebound underscores investor confidence in BitMine’s long-term strategy despite short-term drawdowns.