Ethereum Updates Today: BitMine's Pursuit of Ethereum 'Alchemy': 3% Ownership Targeting 5% Milestone

BitMine Expands Ethereum Holdings, Approaching Major Market Milestone

BitMine has further established itself as a leading institutional holder of Ethereum by acquiring 3.63 million ETH, which accounts for roughly 3% of the cryptocurrency's total circulating supply. This significant purchase is part of a larger accumulation plan, reflecting the company's strong belief in Ethereum's future prospects despite ongoing market fluctuations. With this move, BitMine is edging closer to its ambitious target of controlling 5% of the Ethereum network—a benchmark its research division, Fundstrat, refers to as the "Alchemy of 5%."

Throughout October and November 2025, BitMine has been purchasing up to 200,000 ETH each week, a strategy that has propelled it to the position of the world's second-largest crypto treasury, surpassed only by MicroStrategy's Bitcoin reserves. The average acquisition price stands at $2,840 per ETH, and with Ethereum currently trading above $2,900, the investment is modestly in the black. BitMine is also staking its ETH through the Made in America Validator Network (MAVAN), a move expected to generate returns and help stabilize its financial standing as the broader crypto industry faces liquidity challenges and ETF outflows.

Market Developments and Upcoming Ethereum Upgrade

BitMine's aggressive accumulation coincides with the anticipated Fusako upgrade for Ethereum, scheduled for December 3, 2025. This upgrade is designed to improve token value capture and enhance staking efficiency, which could strengthen investor sentiment. However, market responses have been mixed. For instance, a notable $44 million leveraged long position by the trader known as "1011short" on Hyperliquid signals cautious optimism, though the position is currently facing an unrealized loss exceeding $38,000 and is at risk of liquidation if the price falls to $2,326.60. Ethereum's price remains volatile, with key resistance at $3,000 and crucial support at $2,850 shaping short-term market stability.

Institutional Sentiment and Market Flows

Despite BitMine's confidence, institutional investors remain wary. Last week, Ethereum-focused investment products saw net outflows totaling $589 million, with U.S. spot ETFs responsible for $500.2 million of that figure. Additionally, several high-profile initiatives, such as a $1 billion Ethereum Digital Asset Treasury (DAT) led by prominent Chinese crypto investors, have been put on hold due to market softness. Sharplink Gaming, the second-largest institutional ETH holder, recently transferred 5,442 ETH to Galaxy Digital, prompting speculation about possible portfolio adjustments or over-the-counter deals.

Analyst Reactions and Future Outlook

BitMine's reported average purchase price of $2,840 has drawn scrutiny from analysts, who question the accuracy of the figures based on the company's disclosed holdings. Nevertheless, Tom Lee, BitMine's chairman, continues to express optimism, highlighting Ethereum's attractive risk-to-reward ratio as the network nears the Fusako upgrade. The success of BitMine's staking approach and the market's ability to maintain the $2,850 support level will be critical factors in determining whether Ethereum can sustain its current recovery momentum.