The post BitMine Reveals 3. 6 Million ETH, but Investors Question the Math appeared com. BitMine has disclosed one of the largest Ethereum treasuries ever recorded, 3. 63 million ETH. However, its stated average purchase price of $2,840 has sparked immediate pushback from analysts who claim the math does not add up. The update is significant because BitMine is now approaching its long-stated goal of acquiring 5% of all Ethereum, a threshold that Fundstrat has dubbed the “Alchemy of 5%.” Sponsored BitMine Discloses $11. 2 Billion in Crypto and Cash Holdings In an update on November 24, BitMine (BMNR) reported total holdings of $11. 2 billion across crypto, cash, and “moonshots.” The company holds 3, 629, 701 ETH, 192 BTC, a $38 million stake in Eightco Holdings, and $800 million in unencumbered cash. 🧵BitMine provided its latest holdings update for Nov 24th, 2025: $11. 8 billion in total crypto + “moonshots”:-3, 629, 701 ETH at $2,840 per ETH (@coinbase )- 192 Bitcoin (BTC)- $38 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”) and- unencumbered cash of $800.- Bitmine (NYSE-BMNR) TH (@BitMNR) November 24, 2025 According to BitMine, the 3. 63 million ETH was accumulated at an average price of roughly $2,840 per token. At current market levels above $2,900, the position would be slightly profitable. Ethereum (ETH) Price Performance. BitMine now has 3% of the ETH supply Two-thirds on the way to the ‘Alchemy of 5%’ 👏👏👏👏 Thomas (Tom) Lee (not drummer) FSInsight. com (@fundstrat) November 24, 2025 Sponsored Weekly Purchases Show Aggressive Accumulation BitMine also published its weekly ETH purchases, showing consistent and sizeable inflows throughout October and November. Period (Week ending) Quantity of ETH Purchased November 24 69, 822 ETH November 17 54, 156 ETH November 10 110, 288 ETH November 3 82, 353 ETH October 27 77, 055 ETH October 20 203, 826 ETH October 13 202, 037 ETH.





