BitMine continues to aggressively accumulate Ethereum despite a 47% stock price drop and billions in unrealized losses. A recent transfer of 21,537 ETH worth $60 million from FalconX brings BitMine’s total hoard to over 3.5 million ETH. The move reaffirms BitMine’s commitment to its “Strategic ETH Reserve” strategy. Ethereum is currently trading near $2,808, down about 29% over the past month. BitMine’s Thomas Lee attributes the recent weakness to broader market mechanics, specifically the October 10 “liquidity shock” that wiped out nearly $20 billion in leveraged positions.

BitMine’s ETH holdings have suffered an estimated $4 billion in paper losses due to the recent downturn, causing the firm’s stock to plummet by half in value over the past 30 days. To offset declining asset prices, BitMine is transitioning from a passive ETH holding company to an active yield generator. The firm recently announced the launch of the “Made in America Validator Network” (MAVAN), set to go live in early 2026. BitMine plans to partner with pilot partners and infrastructure providers to scale the network.

By staking its 3.5 million ETH, BitMine could generate significant annual revenue from network rewards, providing a cash-flow floor that holding strategies lack. The firm also declared an annual dividend of $0.01 per share, making it the first large-cap crypto treasury to directly return capital to investors. This strategy aims to serve the long-term best interests of shareholders.

Read more at Yahoo Finance: BitMine Ramps up Ethereum Buying With New $60 Million Purchase