BitMine Immersion Technologies, which continues to aggressively expand its Ethereum treasury, made headlines again with a new purchase in late December. According to recent information shared by the on-chain data platform Lookonchain, the company acquired an additional 13,412 ETH in just a short period. This purchase, worth approximately $40.61 million, demonstrates that BitMine's Ethereum-focused treasury strategy continues unabated. With this latest move, the total amount of Ethereum held by BitMine has risen to approximately 3.98 million ETH.
Previous official statements from the company indicated that as of mid-December, BitMine held 3,967,210 ETH, valued at an average of $3,006. The new purchase further increases the company's ETH position in terms of both nominal and market capitalization, maintaining BitMine's position as one of the largest publicly traded Ethereum holders. The impact of this Ethereum accumulation on the company's valuation is quite significant. BitMine's market capitalization hovered around $13 billion in the second half of December. This figure almost perfectly matches the total value of the company's crypto assets, cash reserves, and other investments. This structure leads to BitMine shares being perceived not as a traditional operating company, but rather as an investment vehicle directly pegged to the price of Ethereum. For investors, the shares essentially function as an "ETH proxy" traded on the stock exchange.
This approach has both advantages and risks. The company's capital increases throughout 2025 have brought the issue of share dilution to the forefront. According to information reflected in SEC filings, BitMine issued tens of millions of new shares and usable warrants under private equity deals. This situation carries the risk that the actual value per share will not increase at the same rate as the treasury grows. It is frequently emphasized that investors should consider the fully diluted share count when evaluating the company. On the other hand, changes in accounting have also initiated a new era for companies like BitMine. Regulations by the Financial Accounting Standards Board mean that price fluctuations in crypto assets are directly reflected in net profit. This can lead to significant volatility in company balance sheets even without sales, pushing traditional profit multiples into the background.
BitMine's aggressive Ethereum strategy is also met with mixed reactions on Wall Street. Jim Cramer, known for his programs on CNBC, argues that caution should be exercised regarding BMNR shares, while some analysts believe that the company's asset structure makes its share value appear more complex than it is. On the other hand, BitMine's inclusion in the S&P Global BMI Index is a significant development that has increased institutional investor interest in the company.
Ethereum price recovers
In parallel with the news, the Ethereum price continues to hold above the $3,000 band in the shadow of these institutional purchases. According to the latest data, ETH is trading at around $3,035 and has recorded an increase of over 1% in the last 24 hours. The intraday price range is between $2,945 and $3,050, while the market capitalization remains above $366 billion.
Ethereum's 24-hour transaction volume is approximately $15.2 billion, and the circulating supply is around 120.6 million ETH. On a monthly basis, the ETH price has risen by approximately 12 percent. This suggests that while large-scale purchases like those by BitMine may not directly cause a price jump in the short term, they are creating a foundation that supports medium-term expectations.
