BitMine has made headlines with the recent revelation of its colossal Ethereum (ETH) treasury, now standing at 3.63 million ETH. This staggering figure, equivalent to nearly 5% of the entire Ethereum network, further solidifies BitMine’s position as a key player in the cryptocurrency market. However, a reported average purchase price of $2,840 per ETH has stirred significant controversy among analysts, with some questioning the accuracy of the claim.
BitMine’s Ethereum Holdings: Breaking Down the Numbers
On November 24, 2025, BitMine confirmed its cryptocurrency holdings, which include 3,629,701 ETH, 192 Bitcoin (BTC), and a portfolio of other assets. The company’s total treasury currently exceeds $11.2 billion, with Ethereum alone valued at over $10.5 billion. This development brings BitMine closer to its declared goal of owning 5% of Ethereum’s circulating supply, a milestone dubbed the ‘Alchemy of 5%.’
In addition to Ethereum, BitMine owns assets such as a $38 million stake in Eightco Holdings and $800 million in unencumbered cash. The company has consistently increased its Ethereum acquisitions throughout October and November, further cementing its position as the largest ETH treasury holder in the world.
Disputed Average Purchase Price: $2,840 or Higher?
While BitMine claims an average purchase price of $2,840 per ETH, analysts have quickly challenged this figure. Blockchain analytics account Lookonchain has estimated the real average purchase price to be closer to $3,997. If accurate, this would imply that BitMine is sitting on an unrealized loss of approximately $4 billion instead of a slight profit, as the company’s statements suggest.
Some users on social media platforms have independently calculated an average purchase price closer to $3,800 to $4,000. This discrepancy has raised questions about the transparency of BitMine’s accounting practices and how the average purchase price was calculated. The company has yet to provide a detailed breakdown of its cost basis, leaving room for speculation.
What Lies Ahead for BitMine?
Despite the controversy, BitMine’s aggressive Ethereum acquisition strategy continues to gain attention. With plans to launch its Made in America Validator Network (MAVAN) by early 2026, the company remains committed to expanding its footprint in the Ethereum ecosystem. Furthermore, BitMine’s stock (BMNR) has become one of the most actively traded assets in the United States, with an average daily trading volume of $1.6 billion, positioning it alongside big names like Mastercard.
If BitMine continues its accumulation at the current pace, it may achieve its ambitious goal of owning 5% of Ethereum’s total supply, a milestone that would mark a monumental achievement for the company and the blockchain industry.
Final Thoughts: What’s Next for Ethereum Investors?
The ongoing debates surrounding BitMine’s purchase price and accounting clarity highlight the importance of transparency in the cryptocurrency market. Investors are advised to stay informed and conduct due diligence before making decisions.
For those looking to dip their toes into Ethereum investments, consider secure and beginner-friendly platforms, as well as exploring products that help manage crypto investments. For example, the Ledger Nano X hardware wallet offers top-notch security for your digital assets, making it ideal for both new and experienced investors in the cryptocurrency space.
