Ethereum Updates: BitMine's Acquisition of Ethereum Echoes MicroStrategy's Bitcoin Strategy, Ignites Discussion

Ethereum experienced its second-largest price decline of 2025 in November, dropping by almost 12% to hit a four-month low of $3,000. This downturn prompted a significant wave of institutional buying. One of the most prominent purchasers was

Immersion Technologies, a publicly listed company that has become the world’s leading holder, now possessing more than 3.5 million ETH, currently valued at about $13.2 billion. This accounts for 2.9% of all Ethereum in circulation, moving the company closer to its target of owning 5% of the total supply .

BitMine ramped up its Ethereum acquisitions in late October and November, buying 110,301 ETH—worth $389 million—in just one week, marking a 34% jump in its weekly purchases.

These acquisitions, made during a period of intense market swings, included a $113 million purchase from BitGo and $896 million from an "Aave whale," according to blockchain analytics provider Lookonchain . BitMine’s approach follows its “Alchemy of 5%” initiative, announced in March 2025, which aims to make the company a leading institutional Ethereum holder. Chairman Tom Lee has stated that this accumulation not only diversifies BitMine’s assets—which include 192 BTC and $398 million in cash—but also strengthens its ability to shape Ethereum’s ecosystem through tokenization and DeFi projects .

The market’s reaction to these moves has been mixed. Ethereum managed a modest recovery to $3,528 by the end of November, gaining 1.45% in a single day, while exchange reserves fell to their lowest point since 2016, suggesting a trend toward long-term holding. Data from CryptoQuant shows that such low reserves often signal investor optimism about Ethereum’s prospects, especially as negative MVRV readings point to a historically favorable buying environment

. Meanwhile, BitMine’s stock (BMNR) jumped more than 5% after its latest purchases were revealed, though it remains nearly 20% lower for the year amid broader weakness in the crypto sector .

In related news, Propanc Biopharma, a company in the biopharmaceutical sector, secured a $100 million private investment from Hexstone Capital, a family office with significant digital asset holdings. The capital will be used to build a digital asset treasury, with an initial $1 million already invested. Propanc’s CEO, James Nathanielsz, called this a “revolutionary” step in funding cancer research and development, using digital assets to speed up clinical trials. The deal also includes 9,900 warrants, which could bring in up to $99 million more over the next year

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BitMine’s accumulation tactics have drawn parallels to MicroStrategy’s Bitcoin-centric treasury strategy, with experts pointing out that BitMine’s Ethereum reserves now rival those of other major firms. Lee has underscored Ethereum’s importance in asset tokenization, referencing a recent summit co-hosted with the Ethereum Foundation at the New York Stock Exchange, where financial leaders showed interest in using blockchain for transparency and value creation. “Wall Street is eager to bring assets onto the blockchain,” Lee noted, highlighting Ethereum’s scalability and smart contract features as key reasons for institutional interest

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The company’s actions have sparked debate among investors. Some see BitMine’s Ethereum holdings as a stabilizing factor in a turbulent market, while others warn that such large-scale accumulation could centralize influence. Nonetheless, BitMine’s diversified assets—including

, cash, and Ethereum—indicate a strategy to hedge against risks unique to the crypto market. As Ethereum nears upgrades like the Fusaka network, designed to enhance scalability, BitMine’s ongoing accumulation could further cement its role as a key player in institutional Ethereum adoption .