BitMine Discloses 3.6M Ethereum Holdings With Questioned Cost Basis

• BitMine discloses 3.63 million Ethereum treasury worth approximately $10.5 billion total
• Company claims average purchase price of $2,840, analysts estimate closer to $3,997
• Weekly purchase data shows aggressive accumulation throughout October and November

BitMine disclosed one of the largest Ethereum treasuries on record with 3.63 million ETH, according to a November 24 update. The company reported total holdings of $11.2 billion across crypto assets, cash and equity positions.

The disclosure included 3,629,701 ETH, 192 BTC, a $38 million stake in Eightco Holdings, and $800 million in cash reserves.

BitMine stated that the Ethereum was accumulated at an average price of approximately $2,840 per token. At current prices above $3,300, this would place the position in profit territory.

Analysts Question Reported Cost Basis

Blockchain analytics account Lookonchain challenged BitMine’s stated average purchase price shortly after the announcement. The firm calculated an average cost of approximately $3,997 per ETH based on available transaction data. This would result in an unrealized loss exceeding $4 billion at current market prices.

Additional analysts independently arrived at similar calculations, estimating BitMine’s actual cost basis between $3,800 and $4,000 per token. One user suggested that the $2,840 figure may have reflected the spot price at the time of posting rather than a true average purchase price.

BitMine chairman Thomas Lee confirmed the company now holds 3% of the total Ethereum network. The firm is working toward acquiring 5% of all ETH, a target Fundstrat has labeled the “Alchemy of 5%.”

Weekly Purchase Data Shows Consistent Accumulation

The company provided a breakdown of its weekly Ethereum purchases from October through late November. The data shows acquisition of 69,822 ETH in the week ending November 24, followed by 54,156 ETH the prior week.

Earlier purchases included 110,288 ETH in the week ending November 10 and 203,826 ETH in the week ending October 20. The October 13 week saw 202,037 ETH acquired, with 179,251 ETH purchased in early October.

These purchases establish BitMine as the largest corporate Ethereum treasury globally. The company ranks as the second-largest crypto treasury overall behind MicroStrategy, which holds 649,870 BTC valued at approximately $57 billion.

BitMine stock (BMNR) averaged $1.6 billion in daily trading volume as of November 21, ranking it 50th nationally. The company has not addressed the discrepancy in its reported cost basis or provided detailed accounting documentation for its Ethereum acquisitions.