Key conclusions

• BitMine claims to have 3,864,951 ETH after adding 138,452 ETH during the week, describing its hoard as representing over 3.2% of the ETH supply.

• The accumulation occurs alongside risk-off signals, including significant Ether ETF cash outflow days in the cash market and a reported raise in net outflows to Binance.

• BitMine describes the strategy as both catalyst-driven (Fusaka modernization) and operational, pointing to staking under the planned MAVAN initiative in early 2026.

• Interpretations vary, with some viewing the move as a conviction positioning and others as a concentrated bet on corporate equities that is highly sensitive to flows, liquidity and volatility.

BitMine is accelerating Ether purchases even though other signals around the cryptocurrency have turned off the risk.

In a December 8 disclosure, the company said it held 3,864,951 ETH (ETH) as of December 7 and added 138,452 ETH compared to the previous week, describing the position as representing more than 3.2% ETH supply.

The background looks less supportive. U.S. spot Ether Exchange Traded Funds (ETFs) saw several significant net outflow days for early December, such as -$79.0 million on December 1 and -$41.5 million on December 4, based on Farside daily totals. Meanwhile, onchain commentators have pointed to increased ETH deposits on Binance, including a reported Inflow of 162,084 ETH on December 5. Ether fell about 22% in November.

BitMine says the purchase is a long-term bet on future catalysts, while critics see it as a huge, concentrated treasury position taken in the face of cautious market flows.

Did you know? Since then, Tom Lee has been ranked among institutional investors 1998and before founding Fundstrat, he served as JPMorgan’s chief equity strategist from 2007 to 2014.

What exactly did BitMine do?

BitMine’s latest disclosure states that the ETH position as of December 7 is at 3,864,951 ETH and the ETH price is at $3,139.

The company also reported purchasing 138,452 ETH in the previous week and stated that the treasury represents over 3.2% of the ETH supply.

In addition to ETH, BitMine has placed 193 BTC, $1 billion in cash and a $36 million stake in Eightco Holdings in its “moonshots” segment, presenting the combined portfolio as a cryptocurrency and cash treasury strategy, positioned as a public equity vehicle that may offer indirect exposure to some investors.

This attitude is relatively fresh. In delayed June 2025, BitMine stopped focusing on an aggressive Ether treasury strategy and publicly discussed its ambition to eventually acquire up to 5% of the total ETH supply.

The strategy has generated significant interest, with the company citing investment and purchasing interest linked to Bill Miller III, ARK Invest and Peter Thiel’s Founders Fund.

Did you know? Peter Thiel revealed 9.1% stake in BitMine in July 2025, making it the largest investor at the time of writing.

‘Fear’ signals around Aether

The “market fear” formulation in this story is largely based on information flow.

On the ETF side, U.S. spot Ether products showed uneven demand until early December. Farside daily totals switch on numerous negative sessions, such as -$79.0 million on December 1 and -$9.9 million on December 2, after a stronger rally in delayed November.

Separately, this category saw significant outflows in November, netting $1.4 billion, the largest monthly withdrawal on record.

On exchanges, analysts often view huge ETH deposits on trading venues as a possible sign of increased short-term readiness on the sell side. The net flow of Ether into Binance reached 162,084 ETH on December 5, which was described as the largest single-day positive net flow since May 2023.

The price action reinforced the risk-off tone. Ether dropped approximately 22% in November, which provides an emotional backdrop for interpreting these flows.

BitMine Justification

BitMine has characterized its ETH accumulation as a thesis-driven treasury strategy rather than a reaction to short-term price movements.

In a December 8 disclosure, the company tied the purchase to “multiple catalysts,” putting the Fusaka Ethereum upgrade at the center of its argument.

BitMine CEO Tom Lee described the December 3 activation as a milestone improving Ethereum’s scalability, security and usability and positioned it as part of the next phase of the network’s technical maturation.

The company also tied its bet on Ethereum to a more relaxed macro backdrop. In the same filing, Lee indicated that the U.S. Federal Reserve had ended quantitative tightening and addressed expectations for mark-to-market interest rate cuts, portraying both broadly as favorable conditions for risky assets.

Operationally, BitMine has combined its treasury approach with staking. On November 21 filingstated that it plans to begin staking Ether in early 2026 via the “Made in America Validator Network” (MAVAN).

The company also revealed that it has selected three staking providers for a pilot test, using some of its ETH holdings before a wider rollout.

Did you know? The Financial Industry Regulatory Authority approved the company’s name change from Sandy Springs Holdings to BitMine Immersion Technologies in March 2022, along with a change of its ticker to “BMNR.”

Two competing interpretations

Interpretation A: Belief and structural positioning

From BitMine’s point of view, the accumulation can be read as a deliberate attempt to build scale in front of catalysts that it believes are not fully reflected in the current position.

The company’s December 8 disclosure clearly characterizes the purchase as thesis-driven, pointing to Fusaka’s Ethereum activation and a macro backdrop that he describes as more supportive of risky assets.

In this context, the ETH stack is presented more as a strategic reserve that can be combined with an operational network share.

BitMine’s November 21 filing reinforces this view via MAVAN.

Proponents of this view also point to a familiar lively of public markets: a publicly traded company can function as a simplified exposure vehicle for investors who prefer an equity wrapper, even when immediate demand for cryptocurrencies is uneven.

Interpretation B: Concentrated corporate treasury risk undertaken on a prudent basis

A more skeptical reading starts with the same numbers and ends elsewhere. BitMine itself describes this position as over 3.2% of the ETH supply, which can be interpreted as concentration risk: the success of the strategy becomes very sensitive to ETH volatility, funding conditions and liquidity.

This view gains traction when risk flow indicators are energetic. Farside’s daily totals show negative sessions for spot ETFs through early December, while a separate analyst commentary highlighted huge ETH deposits on Binance, including a reported inflow of 162,084 ETH on December 5.

Add November’s decline, and critics see the move as a high-conviction, directional bet on trend reversal, rather than serene accumulation.

BitMine’s own archiving language also notes that performance depends on market conditions and other forward-looking risks, factors that can make the same accumulation look either visionary or frail, depending on the dominant regime.

What will happen next?

In the near future, BitMine’s strategy will be assessed based on further observations: whether the company will continue to expand its disclosed ETH hoard at a similar pace and continue to publish regular balance updates.

The next specific performance milestone outlined is staking. BitMine said it plans to start staking in early 2026 through MAVAN, after conducting a pilot with third-party providers.

On the protocol side, the Fusaka Ethereum update was activated on December 3, 2025 (according to the Ethereum Foundation), setting the stage for subsequent scale-oriented work.

Meanwhile, the flow indicators driving the “fear” framework (daily ETF net flows and huge exchange deposits) remain the most evident real-time signals worth watching.