BitMine Adds 21,537 Ethereum Amid Market Drop

Highlights:

• BitMine added 21,537 ETH, following its ongoing strategy of steady accumulation.
• With over 3.5 million ETH, BitMine ranks as one of Ethereum’s top holders.
• BitMine’s MAVAN staking network is expected to generate steady income for shareholders in 2026.

BitMine recently received 21,537 Ethereum into its wallet, sourced through institutional broker FalconX, Lookonchain reported. This acquisition raises the company’s total ether holdings above 3.5 million, accounting for roughly 3% of Ethereum’s circulating supply. Despite continued market pressure impacting its stock, BitMine now stands as one of the largest corporate holders of Ethereum.

Ethereum’s sharp price drop over the past month has put pressure on BitMine’s treasury. The company’s balance-sheet losses keep growing as the market falls, but the leadership still calls its ongoing buying a part of its “Strategic ETH Reserve” plan.

Tom Lee(@fundstrat)'s #Bitmine is still buying $ETH.

A new wallet 0x5664 — likely linked to #Bitmine — just received 21,537 $ETH($59.17M) from the #FalconX 8 hours ago.https://t.co/8kg77vYddh pic.twitter.com/FKivNNe0jM

— Lookonchain (@lookonchain) November 23, 2025

BitMine’s Thomas Lee Explains Market Challenges and MAVAN Plans

Besides focusing on its Ethereum strategy, BitMine is also expanding its business options. On November 21, the firm shared new plans for its “Made in America Validator Network” (MAVAN). The staking setup is planned for early 2026, with three pilot partners already confirmed. The MAVAN project shows BitMine moving toward a broader income model linked to Ethereum’s proof-of-stake system. Lee said BitMine intends to grow the network further.

“We believe in building the premier destination for our natively staked Ether and are proud to build with the best partners,” he stated. “At scale, our strategy will best serve the long-term best interests of our shareholders.”

If BitMine stakes all its ether, it will earn steady rewards and move from holding ETH to actively supporting the network. The company says this income will help keep its treasury stable. BitMine also paid a small annual dividend, making it one of the first crypto treasury firms to give cash back to shareholders. This shows confidence even as the market puts pressure on its balance sheet.

Ethereum Upgrades and Market Outlook

Matt Hougan, CIO of Bitwise, says Ethereum could lead the next big market rally. He pointed to the Fusaka upgrade, scheduled for December 3, which could increase Ethereum’s revenue by 5 to 10 times through a new minimum Layer 2 data fee. He said many investors are missing how large this change could be.

Hougan added that major tokens are moving toward clearer value models. Uniswap is preparing a fee switch that may burn about 16% of trading fees, and the XRP community is exploring options for a staking layer. New regulatory rules are also pushing projects to adopt more direct value-return systems. Fusaka will go live on December 3, at 21:49:11 UTC on block 13,164,544. Developers approved the schedule after full test runs on the Holesky, Sepolia, and Hoodi networks, confirming readiness for mainnet launch.

The update raises the block gas limit from 45 million to 150 million, letting each block handle more transactions, smart contracts, and data-heavy apps. Hougan said on X that Fusaka adds “a minimum fee for storing Layer 2 data,” which could increase revenue five to ten times.

6/ I suspect the market will start to orient around the positive impacts of Fusaka soon, particularly if its delivered Dec. 3 as expected. It’s an under-appreciated catalyst and one reason ETH could lead the crypto rebound.

— Matt Hougan (@Matt_Hougan) November 22, 2025