BitMine Buys $834M ETH Dip, Holdings Hit 3M Tokens

BitMine Immersion Technologies executed one of the most significant corporate cryptocurrency acquisitions of the year, purchasing 202,037 Ethereum tokens worth approximately $834 million during recent market weakness. This strategic move pushed the company’s total ETH holdings to 3,032,188 tokens, valued at $12.52 billion based on current prices, representing a monumental 2.5% of the entire Ethereum supply. According to the company’s October 13, 2025 holdings update, BitMine now controls crypto and cash assets totaling $12.9 billion, with Ethereum comprising nearly the entire portfolio alongside minimal Bitcoin exposure of 192 BTC and a $135 million stake in Eightco Holdings.

Tom Lee, Chairman of BitMine and prominent analyst at Fundstrat, explained the strategic rationale behind the massive purchase. ‘The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of,’ Lee stated. He elaborated on the market dynamics that created this buying opportunity: ‘Volatility creates deleveraging, and this can cause assets to trade at substantial discounts to fundamentals, or as we say, substantial discount to the future, and this creates advantages for investors, at the expense of traders.’ The market dislocation was exacerbated by millions of traders being liquidated following insider whales opening massive short positions just before a major announcement from the US President.

The scale of BitMine’s Ethereum accumulation places the company in an elite category of corporate digital asset treasuries. With their current holdings representing over 2.5% of all Ethereum, BitMine has reached the halfway point toward their publicly stated goal of controlling 5% of the ETH supply, a target they’ve dubbed the ‘Alchemy of 5%.’ This aggressive accumulation strategy has generated extraordinary returns for shareholders, with BitMine stock (BMNR) surging more than 8% on Monday to reach $56.85 before a slight after-hours dip. More remarkably, shares have skyrocketed 1,200% since the company began accumulating Ethereum in late June.

Lee highlighted the growing dominance of corporate digital asset treasuries, noting that ‘The combined trading volume share of BitMine and MSTR [MicroStrategy] is now 88% of all global DAT trading volume.’ This statistic underscores how these two companies have become the dominant players in the corporate cryptocurrency accumulation space. While BitMine focuses primarily on Ethereum, Michael Saylor’s MicroStrategy continues its Bitcoin-centric strategy, acquiring 220 BTC for roughly $27 million last week according to the same market data.

The corporate cryptocurrency landscape shows increasing diversification, with SharpLink Gaming emerging as the second-largest Ether treasury firm, holding 838,727 ETH worth approximately $3.54 billion. However, unlike BitMine’s aggressive buying during the recent dip, SharpLink maintained its existing position without additional purchases, highlighting different strategic approaches within the corporate digital asset space.

Ethereum’s price action reflected the volatile conditions that created BitMine’s buying opportunity. ETH prices experienced an intraday dump to $4,060 before recovering to reach $4,285 in late trading on Monday, only to retreat back to $4,100 during Tuesday’s Asian trading session. Despite this volatility, analysts remain bullish on Ethereum’s medium-term prospects, anticipating a potential rally into five-figure territory during Q4 2025 or Q1 2026.

The growing institutional adoption of Ethereum received another significant endorsement as Bhutan celebrated a historic milestone on Monday, becoming the first nation to anchor its national digital identity system on the Ethereum blockchain. This development, combined with BitMine’s massive accumulation, signals strengthening fundamental support for Ethereum beyond speculative trading. The convergence of corporate treasury strategy, national infrastructure adoption, and ongoing technological development creates a compelling backdrop for Ethereum’s continued maturation as a digital asset class.