BitMine Immersion Technologies (NYSE American: BMNR) announced November 24 that it now holds 3.63 million ETH, cementing its position as the world's largest Ethereum treasury and the second-largest corporate crypto treasury overall.
However, the disclosure has sparked immediate controversy as blockchain analysts dispute the company's stated average purchase price, potentially pointing to billions in unrealized losses.
The Las Vegas-based company reported total holdings of $11.2 billion, including 3,629,701 ETH valued at $2,840 per token according to Coinbase pricing, along with 192 Bitcoin, a $38 million stake in Eightco Holdings (NASDAQ: ORBS), and $800 million in unencumbered cash.
The Ethereum position represents approximately 3% of the network's total circulating supply, marking significant progress toward BitMine's ambitious goal of accumulating 5% of all ETH - a milestone chairman Thomas Lee of Fundstrat calls the "Alchemy of 5%."
Aggressive Weekly Accumulation Pattern
BitMine's purchase data reveals consistent weekly acquisitions throughout October and November.
The company bought 69,822 ETH in the week ending November 24 alone, with earlier weekly purchases ranging from 54,156 ETH to 203,826 ETH.
This aggressive buying strategy has established BitMine as not only the dominant institutional Ethereum holder but also positioned its stock among the most actively traded in America, with average daily dollar volume of $1.6 billion, ranking it 50th nationally - just behind Mastercard and ahead of Palo Alto Networks.
Read also: Massive ETH Withdrawals Reduce Selling Pressure While Technical Indicators Conflict
Math Doesn't Add Up, Say Analysts
The controversy centers on BitMine's claimed average purchase price. While the company states an average cost basis of roughly $2,840 per ETH, blockchain analytics firm Lookonchain calculated a significantly higher average of approximately $3,997 per token based on on-chain transaction data. This discrepancy would translate to an unrealized loss exceeding $4 billion at current Ethereum prices hovering near $2,800.
Independent analysts on social media echoed these concerns, with several calculating implied averages between $3,800 and $4,000. Some observers suggested BitMine's "$2,840" figure merely reflected the spot price of ETH at the time of the company's announcement rather than representing an accurate weighted average of its accumulated positions.
"Your average price per ETH should be around $3,840...is this accurate?" one analyst questioned directly. BitMine has not yet addressed the accounting discrepancy or provided a detailed cost-basis breakdown, leaving investors and market observers waiting for clarification.
Market Context and Strategic Vision
BitMine's treasury strategy unfolds against challenging market conditions. Chairman Tom Lee noted that crypto prices have struggled since an October 10 liquidation event that he attributes to impaired market maker balance sheets.
Despite the near-term headwinds, Lee maintains a longer-term bullish outlook, suggesting the current crypto cycle peak likely remains 12 to 36 months away - a departure from historical four-year cycle patterns.
The company's aggressive accumulation continues even as it trails MicroStrategy, which holds 386,700 BTC valued at approximately $37 billion as of late November, making it the world's largest corporate cryptocurrency treasury. BitMine enjoys backing from prominent investors including ARK's Cathie Wood, Founders Fund, Bill Miller III, Pantera Capital, Kraken, Digital Currency Group, and Galaxy Digital.
Final thoughts
BitMine plans to launch its Made in America Validator Network (MAVAN) in early 2026, a proprietary staking infrastructure designed to generate yield from its massive ETH holdings. The initiative represents a shift from passive treasury accumulation to active yield generation, potentially providing a revenue floor for the strategy.
Whether BitMine addresses the cost-basis questions, continues its weekly accumulation pattern, and successfully reaches the symbolic 5% ownership threshold will likely determine investor confidence in the months ahead.
With Ethereum trading around $2,800 and the company already controlling 3% of the network, all eyes remain on how BitMine navigates both the accounting concerns and its bold long-term vision for Ethereum dominance.
Read next: Ethereum Needs New Buyers to Break $3,000 Resistance, On-Chain Data Shows