- Bitmine purchased 128,718 ETH worth $480M during the market crash, confirming strong institutional demand.
- The firm now holds 2.96M ETH, equal to 2.5% of Ethereum’s supply, reinforcing its accumulation strategy.
- CEO Tom Lee expects Ethereum to rebound to $4,500–$5,000 by year-end despite recent volatility.
Bitmine Immersion Technologies purchased 128,718 ETH worth $480 million during the recent weekend market downturn. Verified blockchain data linked to FalconX and Kraken confirmed the transfers. The acquisition followed sharp declines in digital asset prices triggered by new U.S. trade measures, marking Bitmine’s continued accumulation amid market uncertainty.
Market Reaction and Institutional Accumulation
On October 12, 2025, Bitmine Immersion Technologies completed a $480 million Ethereum purchase during a volatile weekend for global markets. Data verified by blockchain analysts Lookonchain and Rovercrc confirmed the large transfers, showing coordinated movements from FalconX wallets and the Kraken exchange to Bitmine-controlled addresses.
The buy occurred as Ethereum’s price dropped 15.62% to $3,792.31 and Bitcoin fell 8.4% to $111,841. The decline followed President Donald Trump’s October 10 announcement of a 100% tariff on Chinese software and new export restrictions on rare earth minerals, which sparked a broad sell-off in digital assets.
Bitmine recorded several deposits, including 14.44 ETH and 24.49 ETH, at an average price near $3,728 per ETH. This move aligns with the company’s “buy the dip” strategy, targeting accumulation during short-term corrections.
Growing Treasury and Institutional Confidence
Once known for Bitcoin mining, Bitmine has shifted toward Ethereum accumulation under Managing Partner Tom Lee. By early October, the firm held 2.83 million ETH worth $13.4 billion, making it the world’s largest Ethereum holder. With the new purchase, holdings rose to about 2.96 million ETH, or nearly 2.5% of total supply.
Earlier that week, Bitmine bought 179,251 ETH valued at $820 million and another 27,256 ETH for $104 million. The company aims to control 5% of Ethereum’s supply, roughly six million ETH. Despite a $1.9 billion unrealized loss from September’s drop, Bitmine continues staking operations generating 3–5% annual yield.
Major investors include Founders Fund, holding 9.1%, and ARK Invest. Nasdaq data lists Bitmine among the top ten most traded U.S. stocks with $6.4 billion daily volume. Tom Lee called the downturn a “healthy shakeout” and expects Ethereum to reach $4,500–$5,000 by year-end.
