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BitMine adds 104,336 ETH (~$417M) to its treasury, now holding 3.03M ETH.
Acquisition occurs amid 8.7% ETH drop and market-wide volatility.
Firm aims for 5% of Ethereum supply, reinforcing institutional confidence in ETH.
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BitMine Immersion Technologies has significantly expanded its Ethereum treasury, acquiring 104,336 ETH valued at $417 million, marking a bold move despite the recent market downturn.
Strategic Accumulation of Ethereum
According to blockchain tracking by Lookonchain and Arkham data, BitMine received the ETH in three new addresses through seven transactions. The transfers originated from two wallets—one each from Kraken and BitGo—although the company has not officially confirmed the acquisition. This latest addition increases BitMine’s Ethereum holdings to roughly 3.03 million ETH, worth approximately $12.2 billion as of October 13.
It looks like Bitmine(@BitMNR) just bought another 104,336 $ETH($417M).
— Lookonchain (@lookonchain) October 16, 2025
Over the past 7 hours, 3 new wallets received 104,336 $ETH($417M) from #Kraken and #BitGo.
Despite the crypto market crash, Tom Lee still predicts $ETH will hit $10K by year-end.https://t.co/KewyZ4cAeP… pic.twitter.com/Vn5b9ijP2Z
Led by Fundstrat co-founder Tom Lee, BitMine currently holds the largest ETH treasury and ranks second in total crypto treasury size, behind Michael Saylor’s Strategy. The company aims to accumulate 5% of Ethereum’s total supply, reinforcing its commitment to the cryptocurrency’s expanding role in financial markets.
Ethereum’s Growing Institutional Appeal
Tom Lee has consistently endorsed Ethereum as a key blockchain asset. At last month’s Korea Blockchain Week conference, Lee highlighted Ethereum as a “truly neutral chain,” suggesting that Wall Street and government institutions may favor it for future blockchain initiatives. BitMine’s aggressive ETH accumulation strategy aligns with this vision, positioning the firm to benefit from Ethereum’s long-term adoption in institutional finance.
Market Context and Analyst Insights
BitMine’s $417 million purchase comes at a time when Ether is down 8.7% over the past week, trading at $4,028, roughly 18.5% below its all-time high of $4,946. The broader crypto market remains subdued following a massive liquidation event that wiped out billions, yet analysts remain optimistic.
Also Read: BitMine Immersion Surpasses 3 Million ETH Holdings Amid Market Volatility
“Those cleaned out are crypto evangelists—they already believe crypto as an investible asset class so much that they speculate using leverage,” said Paul Howard, senior director at Wincent. “These people are not going away.”
BitMine’s continued Ethereum accumulation amid market turbulence underscores both its confidence in ETH’s long-term value and the growing institutional interest in blockchain assets. Investors may see this as a signal that strong fundamentals persist despite short-term volatility.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
