Ethereum holdings surpass 3.86 million: Unveiling BitMine's strategic intent behind a $400 million increase

“When $12.074 billion worth of Ethereum assets faced an unrealized loss of $3.095 billion, we still chose to increase our holdings by 138,452 ETH last week at an average cost of about $2,978 per coin.” This was the public move made by BitMine, the largest institutional holder of Ethereum, during a period of market divergence.

As of December 9, 2025, this crypto treasury giant’s total Ethereum holdings have surpassed 3.86 million coins (3,864,951 ETH), accounting for over 3.2% of the total circulating supply of Ethereum.

01 Core Data: A Milestone Accumulation

BitMine’s recent accumulation is rare in both scale and speed among institutional investors. According to on-chain analyst monitoring and company announcements, it acquired approximately $412 million worth of Ethereum in the past week.

This increase is not an isolated incident, but part of an accelerated accumulation strategy. Compared to four weeks ago, its weekly acquisition speed has increased by 156%.

Table: BitMine’s Recent Ethereum Accumulation and Holdings Overview

02 Strategic Intent: The Deep Logic Behind Contrarian Positioning

Against the backdrop of pressured Ethereum prices and a market sentiment leaning toward “fear,” BitMine’s aggressive accumulation stands out.

Behind this contrarian move is the institution’s unique long-term and infrastructure-driven perspective. BitMine Chairman Thomas Lee attributes part of the increase to the recent Fusaka upgrade to the Ethereum network, which has brought tangible improvements in scalability, security, and usability.

This means that for institutional investors, network technological progress and future utility are increasingly outweighing short-term price fluctuations when assessing Ethereum’s value.

03 Industry Impact: Reshaping Institutional Asset Allocation Paradigms

BitMine’s continued accumulation is quietly changing the way traditional institutions allocate crypto assets. Their goal is no longer just to hold Ethereum, but to turn these assets into productive capital that generates continuous returns through dedicated staking infrastructure such as the “US-Made Validator Network.”

This marks a significant shift: Ethereum is evolving from a highly volatile speculative asset into a core infrastructure layer that generates staking yield and supports future tokenized financial applications.

Holding over 3.2% of the circulating supply makes BitMine an unignorable “ballast” in the Ethereum ecosystem. Its long-term holding and staking strategy provides stability to the market and reduces sell pressure in circulation.

04 Market Signals and Investor Perspective

For ordinary investors, the public actions of leading institutions are important market indicators. BitMine’s firm accumulation despite unrealized losses sends a strong signal of confidence in Ethereum’s long-term fundamentals.

This confidence may stem from optimism about Ethereum staking yields or recognition of its potential as a future global settlement layer.

Data from platforms like Gate show that despite short-term bearish sentiment, discussions and attention around Ethereum remain high. Professional trading platforms not only provide real-time market data but are also enhancing custody, staking, and other institutional services to adapt to the professional and institutional investment trend led by BitMine.

For investors seeking to follow suit, gaining a deep understanding of the underlying tech upgrades (such as the Fusaka upgrade) and ecosystem development is more important than simply watching price movements.

Future Outlook

As of early December, Ethereum’s price has experienced volatility on platforms like Gate, and the market fear and greed index once fell as low as 22 (extreme fear). However, while many are fixated on short-term price charts, BitMine’s treasury data reveals a different picture.

Its Ethereum holdings remain valued at $12.074 billion, forming a massive digital asset fortress backed by long-term technological and ecosystem conviction.

With BitMine announcing the launch of its dedicated staking network in early 2026, these 3.86 million ETH will transform from a static balance sheet item into active capital that continuously “generates yield” and participates deeply in network security. This may be the most profound change that the institutional narrative brings to the cryptocurrency market.