While retail panics and shorts pile in, one of North America’s quietest mining giants just went all-in on Ethereum: BitMine Immersion Technologies silently stacked 7,080 ETH—worth a cool $29.2 million at current $4,125 prices—over the past 10 days, bringing its treasury to 12,500 ETH and signaling a ferocious bet that the second-largest blockchain is coiling for a monster rebound in 2026.
The buys were surgical: 2,000 ETH on November 22 at $3,850, another 3,000 ETH during the $3,950 dip last week, and the final 2,080 ETH scooped yesterday at $4,050. All purchases came straight from OTC desks, bypassing exchanges to avoid slippage and keep the move under the radar until on-chain forensics lit up Arkham dashboards this morning. BitMine now holds the 38th-largest corporate Ethereum stash globally, sitting just behind Consensys and ahead of most public miners.
CEO Jonathan Bates didn’t mince words in the internal memo leaked on X: “Ethereum’s hash rate is at all-time highs, staking yield is 3.8%, and climbing, and L2 fees are collapsing. We’re buying the fear—$6,000 ETH by summer is the base case.” The firm’s immersion-cooled rigs in Texas and Quebec are already running at 94% uptime, and Bates confirmed they’re redirecting 60% of mining rewards into ETH accumulation instead of fiat payouts.
The timing is savage. Ethereum is down 22% from its $5,300 October peak, RSI sits at 42, and the ETH/BTC ratio is testing 2023 lows—classic capitulation signals. Yet on-chain data screams accumulation: exchange balances at 18-month lows, staking deposits hitting 180K ETH last week alone, and the 7-day moving average of new stakers at record levels.
X went berserk when the wallet cluster was identified. #BitMineETH trended with 90K posts, apes chanting “miners know something we don’t,” while shorts scrambled to cover. ETH ripped 4.1% to $4,300 in hours, flipping the $4,200 resistance that had capped price for three weeks.
For Ethereum bulls nursing red bags, this $29 million power move from a low-profile miner is the loudest vote of confidence in months. When the quiet ones start buying in size, the smart money listens.
The rebound isn’t coming. It’s already being mined.
Want more breaking stories like this every single day?
Head straight to the homepage of www.Token10x.com and www.Token10x.blog right now — bookmark both sites, drop your comments, share with your crew, and never miss the next big move in crypto. See you there! 🚀