TLDR
- Bitmine purchased 128,718 ETH worth $480M amid a 15.6% Ethereum price drop.
- The firm’s total Ethereum holdings now stand at 2.96M ETH or 2.5% of supply.
- Blockchain data confirmed large transfers from Kraken and FalconX wallets.
- CEO Tom Lee expects ETH to rebound to $4,500–$5,000 by the end of 2025.
Bitmine Immersion Technologies purchased 128,718 ETH valued at $480 million during the October 2025 market crash. Verified blockchain data confirmed the large transfers, which came as Ethereum’s price dropped more than 15%. The move reinforced Bitmine’s strategy of buying major dips amid volatile market conditions.
Market Downturn Triggers Institutional Buying
On October 12, 2025, Bitmine completed a $480 million Ethereum acquisition as crypto markets faced steep losses. Blockchain data shared by Lookonchain confirmed several coordinated transfers from FalconX wallets and the Kraken exchange to Bitmine-controlled addresses.
The purchase came during a weekend sell-off triggered by U.S. President Donald Trump’s October 10 announcement of a 100% tariff on Chinese software and export controls on rare earth minerals. This announcement caused a broad market decline, with Bitcoin falling 8.4% to $111,841 and Ethereum dropping 15.62% to $3,792.31.
Wallet records showed multiple deposits, including 14.44 ETH and 24.49 ETH, averaging $3,728 per ETH, matching the low prices during the market crash. Bitmine’s buying pattern matched its public “buy the dip” strategy, which aims to accumulate assets during short-term volatility.
Bitmine Expands Ethereum Treasury
Once focused on Bitcoin mining, Bitmine has transitioned into large-scale Ethereum accumulation under Managing Partner Tom Lee. By October 6, 2025, the company held 2.83 million ETH valued at $13.4 billion, making it the world’s largest corporate Ethereum holder.
Following this recent purchase, Bitmine’s Ethereum balance rose to approximately 2.96 million ETH, or nearly 2.5% of the total circulating supply. Earlier that week, the firm also purchased 179,251 ETH worth $820 million and 27,256 ETH valued at $104 million, marking its third large buy in one week. Company filings reveal an ambition to own about 5% of Ethereum’s total supply, roughly six million ETH.
Financial Outlook and Staking Operations
Despite a $1.9 billion unrealized loss due to September’s market decline, Bitmine continues to operate a robust staking program. Its Ethereum holdings earn between 3% and 5% annually through validator nodes and decentralized liquidity protocols. The staking rewards provide consistent yield while supporting Ethereum’s network security.
The company’s investors include Founders Fund, holding a 9.1% stake, and ARK Invest. Nasdaq data lists Bitmine among the top ten most traded U.S. equities with an average daily trading volume of $6.4 billion.
Institutional Confidence and Market Recovery Prospects
Tom Lee, Bitmine’s CEO, described the sharp correction as a “healthy shakeout,” reaffirming the company’s confidence in Ethereum’s long-term trajectory. He predicted that Ethereum prices could rebound to the $4,500–$5,000 range by year-end if market conditions stabilize.
Should Ethereum return above $4,000, Bitmine’s most recent acquisition could yield unrealized profits between $35 million and $40 million. Institutional interest from major funds and sustained staking income continue to strengthen Bitmine’s position as a key player in Ethereum’s evolving market landscape.
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