BitMine shook the information space with a new report on investments in Ethereum. The company revealed one of the largest treasury positions on the network — 3.63 million ETH. At first glance, the numbers are impressive. But immediately after publication, a question arose that completely changed the tone of the discussion: did BitMine really buy ether at an average of $2,840, as stated in the report?
Analysts are skeptical. According to their calculations, the real average price may be closer to $3,800–$4,000. And if so, BitMine’s positions are currently at a significant unrealized loss.
BitMine is accumulating ETH at record speed
The company reported that its treasury reached $11.2 billion, including crypto assets, cash, and venture investments. Ethereum accounts for the main share:
- 3,629,701 ETH
- 192 BTC
- $800 million in cash
Tom Lee noted that BitMine already owns about 3% of the Ethereum network and continues to move toward its long-term goal — 5% of the total supply. In the industry, this is called the ‘5% rule’ — a critical mass that allows influence over the network’s economy.
The accumulation rate is impressive. In just October and November, BitMine bought over 1 million ETH. Every week, the company adds tens or hundreds of thousands of coins.
Investors question the average price
,840. According to their calculations, purchases through public wallets indicate an average level of about ,997. This means a potential loss of more than billion.” title=”photo_2025-11-26_00-47-34″>
Skepticism arose immediately. Lookonchain analysts stated that BitMine’s average price cannot be $2,840. According to their calculations, purchases through public wallets indicate an average level of about $3,997. This means a potential loss of more than $4 billion.
Other experts came to similar conclusions. They noted that the price stated by BitMine suspiciously coincides with the spot price of ETH at the time of the company’s report publication, and not with the average of all transactions.
Some researchers called the report ‘insufficiently transparent.’ They also emphasized the lack of a breakdown by purchase periods, making an audit virtually impossible. At the time of publication, BitMine did not provide clarification or a detailed calculation of the position’s cost basis.
Despite the market downturn, BitMine continues to buy ether
Tom Lee links market weakness to a liquidity crisis that began after mass liquidations on October 10. He believes that Ethereum is already close to the lower boundary of $2,500 indicated by Fundstrat and may recover in early 2026.
The report also emphasized that BitMine shares (BMNR) have become one of the most actively traded instruments in the US. The average daily turnover exceeded $1.6 billion, putting them on par with Mastercard.
Why the BitMine report became a key event for Ethereum
A position of 3.6 million ETH is, without exaggeration, a systemic figure:
- this is the largest ether treasury reserve in the world
- this is the second largest crypto-treasury after MicroStrategy
- this is almost 5% of all Ethereum if the goal is achieved
Such a volume can affect overall market liquidity, participant sentiment, and even the future staking economy. But the uncertainty around the real purchase cost creates tension.
If BitMine is actually holding a position with a large unrealized loss, this increases systemic risks. If the report is correct, the company demonstrates one of the most effective ETH accumulation strategies on the market.
What’s next?
The market is now waiting for three key things:
- Clarification on the position’s cost basis. This is the main question that will determine trust in the company.
- Continuation of weekly purchases. If BitMine slows down, it will be a hidden signal of problems.
- The path to the 5% goal. If the company really intends to control such a share of the network, its strategy will have long-term consequences for all of Ethereum.
Until then, discussions will only intensify. And BitMine remains one of the most visible and controversial players in the Ethereum ecosystem.
Read more: Pump.fun responds to accusations of moving $436 million and calls the transfers ‘treasury management’
