- BitMine buys 24,000 ETH worth $104M, lifting October total to $407M and 2.83M ETH held.
- Ethereum trades near $4,368, holding support at $4,253 as traders eye $4,700 resistance.
- BitMine targets 5% of Ethereum’s supply, reinforcing growing institutional accumulation trends.
BitMine Immersion Technologies has purchased another 24,000 ETH valued at about $104 million, continuing its steady accumulation of Ethereum. The move forms part of the company’s long-term treasury expansion plan. With this addition, BitMine’s total October purchases now exceed $407 million, strengthening its position among corporate Ethereum holders.
BitMine Expands Ethereum Holdings With $104 Million Purchase
On October 10, BitMine Immersion Technologies made a new Ethereum purchase worth around $104 million, according to Lookonchain data. The acquisition follows an earlier transaction on October 8, when the firm bought over 20,000 ETH, valued at about $90 million, through FalconX.
The Nevada-based company has been actively growing its Ethereum reserves this month. BitMine’s strategy aims to build a treasury that will eventually control 5% of Ethereum’s circulating supply. With the latest acquisition, the company now holds approximately 2.83 million ETH, representing 2.34% of total circulation.
Based on recent market prices, BitMine’s Ethereum holdings are valued at around $12.3 billion. The firm’s consistent accumulation strategy signals its long-term commitment to Ethereum as a core digital asset within its treasury diversification efforts.
Ethereum Holds Support Amid Institutional Accumulation
Ethereum is currently trading near $4,368, down around 2% over the last 24 hours. The cryptocurrency reached a local high of $4,645 earlier in the week before retreating toward a key support area around $4,253. Traders are watching this level as bulls attempt to stabilize price momentum.
Analysts suggest that to resume an upward trend, Ethereum buyers must push the price higher than $4,645 and maintain breakout in the range of over $4,700. A move beyond that resistance could open a path toward the $5,000 psychological mark, supported by continued institutional interest.
However, a decline below the $4,250 area would subject ETH to additional negative pressure into the subsequent support at about $3,990. Although volatile in the short term, the trend of increasing corporate acquisition, such as BitMine, indicates a long-term belief in the relevance of Ethereum and its institutional acceptance in the market.
