BitMine Buys $417M Worth of Ethereum During Market Dip

BitMine Immersion Technologies has made another bold move in the crypto world by purchasing over 104,000 Ethereum (ETH) worth about $417 million. This new purchase strengthens BitMine’s position as the largest Ethereum holder in the world.

The timing of this move comes when the crypto market is still struggling to recover from recent volatility and massive sell-offs. 

On-Chain Data Reveals the Transactions

According to blockchain tracking platform Lookonchain, citing data from Arkham Intelligence, BitMine received its new Ethereum in three fresh wallet addresses on October 15. The transfers were made through seven transactions, coming from two major sources. 

One wallet was connected to the crypto exchange Kraken and another linked to BitGo, a popular digital asset custodian. Although BitMine has not officially confirmed these transfers, the on-chain evidence supports the company’s ongoing accumulation strategy. 

As of October 13, BitMine already held about 3.03 million ETH, worth around $12.2 billion. With this new addition, its lead as the largest Ethereum-holding company becomes even wider.

This purchase also strengthens BitMine’s position as the second-largest overall crypto treasury globally. The company is right behind Michael Saylor’s firm Strategy, which is known for its massive Bitcoin holdings.

A Long-Term Bet on Ethereum’s Future

BitMine’s strategy is guided by its chairman, Tom Lee, who is also a co-founder of Fundstrat Global Advisors. Under his leadership, the company has focused on long-term accumulation of Ethereum rather than short-term trading. 

BitMine’s goal is to eventually own up to 5% of Ethereum’s total supply, a move that shows strong confidence in Ethereum’s role in the future of finance. At a recent blockchain event in South Korea, Tom Lee described Ethereum as neutral and adaptable, making it suitable for integration into regulated financial systems. 

He believes these qualities will make Ethereum a preferred choice among banks, regulators, and institutional investors in the coming years.

Market Decline Does Not Scare Big Investors

BitMine’s purchase comes during a period of decline for the crypto market. While many investors are cautious, institutional investors like BitMine continue to buy more top crypto assets. This move is a clear sign that they see the dip as an opportunity rather than a setback.

Ethereum’s price has fallen about 9% in the past week, now trading near $4,028, which is still 18.5% below its all-time high of $4,946. The recent market fall followed a large liquidation event that erased billions in crypto value. 

However, analysts say this correction could be healthy for the market. It helps reduce risky leveraged trades and builds a stronger foundation for future growth. Many traders and investors remain confident in digital assets, believing the long-term potential of Ethereum is still very strong.