BitMine, a major corporate holder of Ethereum, is intensifying its ETH accumulation strategy even as its stock price and financials are hit by the recent market downturn. The firm's leadership maintains a bullish long-term conviction, arguing the price slump is temporary, and is pivoting its strategy to generate revenue from its massive holdings.
Accumulation Continues Amid Losses
- Aggressive Buying: BitMine recently added 21,537 ETH (worth approximately $60 million) to its holdings via the institutional broker FalconX.
- Massive Reserve: This latest purchase brings BitMine's total ETH reserve to over 3.5 million ETH, representing nearly 3% of the total circulating supply.
- Financial Pressure: Despite this commitment, the recent 27% decline in Ethereum's price has resulted in an estimated $4 billion in paper losses for BitMine’s treasury, contributing to a 47% drop in its stock price.
The Long-Term Thesis
- Temporary Downturn: Thomas Lee of BitMine attributes the price drop not to structural weakness, but to broader market mechanics, specifically the recent leveraged liquidity shock that cleared positions.
- V-Shaped Recovery Expected: Lee draws a parallel to the post-FTX deleveraging in 2022, predicting a V-shaped recovery for crypto prices once the markets stabilize. This conviction underpins the company's aggressive accumulation strategy.
Strategic Pivot to Revenue Generation
- MAVAN Staking Network: Facing large paper losses, BitMine is shifting from passive holding to active yield generation. The company announced the launch of its "Made in America Validator Network" (MAVAN), a proprietary staking infrastructure slated to go live in early 2026.
- Revenue Potential: Staking its full 3.5 million ETH reserve could yield hundreds of millions in recurring annual revenue, helping to stabilize the company's financial profile and creating a "cash-flow floor."
Shareholder Confidence
- Dividend Declaration: BitMine signaled confidence in its long-term strategy by declaring an annual dividend of $0.01 per share. This notable move makes it one of the first major crypto treasury companies to distribute capital directly to shareholders, aiming to redefine its role in public markets.
BitMine is positioning itself to weather the current market storm by maintaining aggressive ETH accumulation while building MAVAN to monetize its holdings, signaling a strong belief in Ethereum's eventual recovery.
November 2025, Cryptoniteuae