Why Bitmine Is Accumulating Ether Despite Broader Market Fear

BitMine is building an Ether-heavy treasury as ETF flows wobble and exchange deposits rise, betting on Fusaka and staking to drive a longer-term thesis.

BitMine says it holds 3,864,951 ETH after adding 138,452 ETH in a week, describing its treasury as representing more than 3.2% of the ETH supply.

The accumulation is happening alongside risk-off signals, including notable spot Ether ETF outflow days and a reported spike in net outflows to Binance.

BitMine frames the strategy as both catalyst-driven (the Fusaka upgrade) and operational, pointing to staking via its planned MAVAN initiative in early 2026.

Interpretations differ, with some viewing the move as conviction-style positioning and others as a concentrated corporate treasury bet that is highly sensitive to flows, liquidity and volatility.

BitMine is accelerating its Ether buying even as other signals around the cryptocurrency have turned risk off.

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

The backdrop looks less supportive. US spot Ether exchange-traded funds (ETFs) have posted several notable net outflow days into early December, for example, -$79.0 million on Dec. 1 and -$41.5 million on Dec. 4, based on Farside’s daily totals. Meanwhile, onchain commentators have pointed to elevated ETH deposits to Binance, including a reported 162,084-ETH inflow on Dec. 5. Ether fell about 22% in November.

BitMine says the buying is a long-term bet on future catalysts, while critics see it as a large, concentrated treasury position taken as market flows remain cautious.

Did you know? Tom Lee has been ranked by Institutional Investor since 1998, and before co-founding Fundstrat, he served as JPMorgan’s chief equity strategist from 2007 to 2014.

Source: CoinTelegraph