- Bitmine buys 17,242 ETH worth $49M as it expands its long-term Ethereum treasury plan.
- The firm now holds 3.5M ETH, funded through equity, reserves, staking rewards, and OTC trades.
- Tom Lee says market makers face liquidity stress after October’s liquidations, slowing market flows.
Bitmine expanded its long-term Ethereum reserve with another large purchase as the market traded near recent lows. The company added 17,242 ETH worth about $49.07 million through FalconX and BitGo during a period of sharp price pressure.
Bitmine Adds 17,242 ETH as Market Trades Lower
Bitmine continued its long-term accumulation plan by purchasing 17,242 ETH worth $49.07 million. Onchain Lens reported that the trades were carried out through FalconX and BitGo. The company has treated recent price weakness as a chance to expand its reserve.
Ethereum trades near $2,780 after a sharp drop that followed the October 10 liquidation wave. The market shows broad pressure as trading firms manage reduced liquidity. Bitmine aims to build a reserve equal to about 5% of Ethereum’s circulating supply, and it continues to buy during market downturns.
The company now holds about 3.5 million ETH valued above $10 billion. It ranks among the largest corporate holders of the asset. The firm funds its strategy using equity raises, cash reserves, and staking rewards. It also uses large OTC desks so it can avoid moving public markets while executing large trades.
Tom Lee Addresses Market Liquidity Pressure
Bitmine Chairman Tom Lee spoke with CNBC on November 20 about conditions in the crypto market. He said market makers are dealing with stress after the forced liquidations in early October. He noted that some firms “have a hole in their balance sheet” and are reducing activity as they rebuild capital.
Lee compared the current period to a phase in 2022 that took eight weeks to settle. He said the market is six weeks into a similar cycle and “may take a couple more weeks” before pressure eases. He said the reduced activity has slowed normal flows across major assets.
Bitmine continues its buying plan as these changes unfold. The company has shifted from mining to a digital asset treasury model. It views Ethereum as a core asset for decentralized finance, smart contracts, and tokenization. Its accumulation remains steady even as liquidity concerns remain in the broader market.
