NYSE-listed BitMine Immersion Technologies continues its aggressive accumulation of Ether (ETH), purchasing ~$199 million worth of ETH over the past 48 hours. Data from Lookonchain showed that the Tom Lee-led company bought 41,946 ETH from FalconX and BitGo hot wallets at an average of $3,118 per token, totaling $130.78 million on December 5. Then, within hours, on December 6, they doubled down with 22,676 ETH from BitGo for $68.67 million, averaging $3,028 apiece.
The transaction isn’t impulsive trading; it is moving fast toward its goal of a 5% supply of ETH. It’s a bet to transform market fear into Ethereum dominance. BitMine is currently the world’s top corporate ETH whale and now cradles $11.3 billion in holdings. The amount adds up to a staggering 3.08% of ETH’s total supply, as per StrategicEthReserve data.
BitMine’s Chairman, Tom Lee, has repeatedly framed Ethereum as a foundational long-term macro play and the reason for its treasury strategy. The company is leveraging its strong balance sheet, which includes ~$882 million in cash reserves, to add ETH while broader market participants retreat.
Smart Money Positioning vs. Institutional Accumulation
Contrasting with BitMine’s long-only stance, data from on-chain intelligence firm Nansen shows that traders with the strongest performance, also known as “smart money,” are positioning themselves for a near-term drop in Ether’s value. These wallets have added around $2.8 million in short positions on Hyperliquid over the last 24 hours, bringing net shorts to roughly $21 million. Some savvy traders are betting that Ethereum’s price won’t rise soon, rather they are expecting it to fall or stay flat in the short term.
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BitMine, however, is focused on the long game, holding ETH with confidence in its future value. On the contrary, big traders are making short-term moves by betting against ETH or on price swings. Their holdings either stayed the same or dipped slightly when Ethereum saw a price correction in November.WBTC exposure declined by $9.5 million, while $3.2 billion worth of assets were sold. But Nansen data shows that traders are hoarding UNI, AAVE, and LINK, betting that altcoin ETFs will be approved and start rallies in the fourth quarter.
Price Action and What’s Next
ETH itself is trading around $3,047 in today’s market, showing modest gains over the past 24 hours and resilience at current support levels as the broader crypto market tries to stabilize
BMNR stock has seen mixed price action. In the last 24 hours, the stock was relatively softer near $34 per share, reflecting broader market pressures and short-term volatility tied to ETH price swings.
