BitMine Immersion Technologies has launched one of the largest Ethereum accumulation moves in corporate history, purchasing over $827 million worth of ETH during the recent crypto market crash.<\/p>\n
The company, which already holds the world\u2019s largest Ethereum treasury, stated that the acquisition added 202,037 ETH to its reserves, bringing its total to 3,032,188 ETH, approximately 2.5% of Ethereum\u2019s circulating supply.<\/p>\n
The aggressive buying spree came amid a weekend market sell-off that saw more than $19 billion in leveraged positions liquidated<\/a>.<\/p>\n Over 1.6 million traders were wiped out in 24 hours, according to CoinGlass data, as Bitcoin and Ethereum recorded $5.38 billion and $4.43 billion in long liquidations, respectively.<\/p>\n The broader market\u2019s total capitalization dropped by over 9% to $3.8 trillion, with Bitcoin briefly plunging below $102,000.<\/p>\n BitMine\u2019s latest purchase lifted its total crypto and cash holdings to $13.4 billion as of October 12, including $12.9 billion in crypto assets and \u201cmoonshot\u201d investments.<\/p>\n The company\u2019s portfolio now includes 3,032,188 ETH, valued at $4,154 per token, 192 BTC, worth approximately $22 million, a $135 million equity stake in Nasdaq-listed Eightco Holdings, and $104 million in unencumbered cash.<\/p>\n BitMine\u2019s chairman, Tom Lee of Fundstrat, said the company took advantage of the temporary market dislocation caused by the liquidation cascade.<\/p>\n \u201cVolatility creates deleveraging, and this can cause assets to trade at substantial discounts to fundamentals,\u201d Lee said.<\/p>\n \u201cWe acquired over 200,000 ETH during the downturn, moving more than halfway toward our goal of owning 5% of the total ETH supply.\u201d<\/p>\n Lee also reiterated his view that Ethereum is entering what he calls a \u201cSupercycle,\u201d driven by artificial intelligence and the financial sector\u2019s increasing integration with blockchain.<\/p>\n BitMine published Lee\u2019s keynote from the Token2049 conference in Singapore as part of its October Chairman\u2019s Message, in which he outlined the company\u2019s long-term thesis for Ethereum accumulation.<\/p>\n BitMine\u2019s rapid expansion has positioned it as the largest Ethereum holder globally and the second-largest public crypto treasury overall, behind Michael Saylor\u2019s Strategy Inc. (MSTR), which controls 640,250 BTC valued at roughly $73 billion.<\/p>\n BitMine now ranks ahead of other central Ethereum treasuries, including SharpLink and The Ether Machine, which hold 838,730 ETH and 496,710 ETH, respectively, according to SER data.<\/p>\n Source: SER<\/p>\n Despite the market chaos, BitMine remains one of the most heavily traded U.S.-listed stocks.<\/p>\n Fundstrat data shows the company\u2019s ticker, BMNR, has recorded an average five-day trading volume of $3.5 billion as of October 10, ranking 22nd among all U.S. equities, just behind Coinbase and ahead of UnitedHealth.<\/p>\n Combined, BitMine and Strategy account for 88% of global digital asset treasury (DAT) trading volume.<\/p>\n However, BitMine\u2019s share price has not been immune to volatility, falling 11% over the past week following a short position taken by Kerrisdale Capital, which questioned the sustainability of the company\u2019s business model.<\/p>\n Source: Google Finance<\/p>\n Ethereum is positioning for another major leap as developers prepare for the Fusaka upgrade<\/a>, expected to follow the successful Pectra rollout earlier this year.<\/p>\n The update, now entering testnet trials, is designed to reduce transaction fees further and lower the cost of becoming a validator, key steps toward improving scalability and accessibility across the network.<\/p>\n If Fusaka launches on schedule by late 2025, analysts believe it could strengthen Ethereum\u2019s path toward $10,000<\/a>, particularly as institutional interest in blockchain tokenization and real-world assets continues to expand.<\/p>\n Both Pectra and Fusaka form part of Ethereum\u2019s long-term roadmap to enhance efficiency across the base layer and layer-two networks, such as Arbitrum.<\/p>\n Ethereum\u2019s recovery from its previous low of $1,400 gained momentum after Pectra, with ETH\/USD trading recently around $3,813.<\/p>\n However, volatility has remained high, as shown by a flash crash that wiped out over $3.8 billion in leveraged positions before prices rebounded above $4,100.<\/p>\n Technical indicators indicate that ETH is holding above support near $3,720, the 23.6% Fibonacci retracement level, suggesting a potential near-term reversal if resistance around $4,050\u2013$4,300 is broken.<\/p>\n Meanwhile, renewed commentary from Rich Dad, Poor Dad author Robert Kiyosaki has drawn fresh attention to Ethereum\u2019s dual role as a store of value and functional asset<\/a>.<\/p>\n Kiyosaki warned of a looming financial reset and described Ethereum and silver as \u201chot, hot, hot,\u201d arguing that both combine industrial utility with scarcity.<\/p>\n Read original story BitMine Goes on ‘$827M Aggressive’ ETH Buying Spree After Crypto Market Crash<\/a> by Hassan Shittu<\/a> at Cryptonews.com<\/p>\n","protected":false},"excerpt":{"rendered":"BitMine Immersion Technologies has launched one of the largest Ethereum accumulation moves in corporate history, purchasing over $827…\n","protected":false},"author":2,"featured_media":222254,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[124917,28,112,124916,124915],"class_list":["post-222253","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-bitmine","tag-business","tag-markets","tag-tom-lee","tag-tom-lee-says-ethereum"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/222253","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=222253"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/222253\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/222254"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=222253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=222253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=222253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}