Bitmine Confirms $480 Million Ethereum Accumulation Strengthens World’s Largest ETH Treasury
Quick Take Summary is AI generated, newsroom reviewed. Bitmine bought 128,718 ETH worth $480M amid a 15.6% Ethereum crash. Transactions traced to FalconX and Kraken wallets confirm the purchases. The firm now holds 2.96M ETH, targeting 5% of total supply. Market crash triggered by U.S.-China tariff escalation on Oct 10. Tom Lee-led Bitmine continues aggressive dip-buying with institutional backing.References X Post Reference
On Oct. 12th, 2025 at 03:13 UTC, a tweet surfaced that Bitmine Immersion Technologies had bought 128,718 ETH, or $480 million worth, over the weekend market crash. The statement corroborates, but with blockchain transaction data provided by @lookonchain and @rovercrc, which indeed verify several large transfers from FalconX wallets and the Kraken exchange.
BREAKING: 🇺🇸 BITMINE APPEARS TO HAVE BOUGHT $480 MILLION WORTH OF $ETH IN THIS MARKET CRASH.
— Hailey LUNC (@TheMoonHailey) October 12, 2025
THEY 100% KNOW SOMETHING !! https://t.co/cGUog1BbPd pic.twitter.com/OnfE53qE9z
Market Crash
This occurred during a broad market sell-off after U.S. President Donald Trump announced on October 10, a 100% tariff of Chinese software as well as U.S. export controls on rare earth minerals. As a result of this geopolitical shock Bitcoin decreased 8.4%, resting at $111,841 and Ethereum also witnessed a decline of 15.62%, landing at $3,792.31 according to LiveMint and CoinDesk prices. This created a definite accumulation zone for institutional players such as Bitmine, which has been vocal about its “buy the dip” approach during moments of volatility. Wallet logs indicate deposits like 14.44 ETH ($57,700) and 24.49 ETH ($97,960) made to Bitmine wallets within a day’s time. This would imply an average purchasing price of $3,728 per ETH, in line with Ethereum’s price dropping below the $3,800 level during the market crash.
Bitmine Expands ETH Treasury
Originally established as a Bitcoin mining operation Fundmine and Mining Investment Fund Fundstrat Global Advisors have pivoted to Ethereum accumulation, is led by Tom Lee, Managing Partner. As of October 6, 2025, Bitmine had 2.83 million ETH worth $13.4 billion in liquidation value, giving Bitmine the largest Ethereum treasury in the world and the second largest crypto treasury behind MicroStrategy. Following its recent $480 million acquisition, Bitmine is said to be holding upwards of 2.96 million ETH, or nearly 2.5% of the total circulating supply of Ethereum.
Bitmine has remained aggressive in its accumulation. The company purchased 179,251 ETH ($820 million) earlier that week and 27,256 ETH ($104 million) on October 11, 2025. This $480 million acquisition is the company’s third major acquisition in under a week.Bitmine aspires to own 5% of the total supply of Ethereum (~6 million ETH) according to company filings. Though they report a $1.9 billion floating loss due to the price drop in September, the firm keeps its staking operations, receiving a yield of 3-5% annually through validator nodes and ETH liquidity protocols.
Institutional Confidence and Financial Outlook
On top of this, Bitmine counts Founders Fund, Peter Thiel’s VC firm with a 9.1% stake, and ARK Invest among its investors, lending credibility to its maneuvers. According to trading data from Nasdaq, Bitmine ranks among number 10 of U.S. stocks most traded with a daily volume of $6.4 billion. Tom Lee, the CEO, described the current drop as a “healthy shakeout” and predicts ETH will be back to $4,500-$5,000 by year’s end. Should Ethereum rise again above $4000, Bitmine’s most recent acquisition would register $35-40 million in unrealized profits within days of this happening, which contributes to the long term thesis.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Economic Truth: AI Drives Growth Alone, Cryptocurrency Becomes a Political Asset
The article analyzes the current economic situation, pointing out that AI is the main driver of GDP growth, while other sectors such as the labor market and household finances are in decline. Market dynamics have become detached from fundamentals, with AI capital expenditure being key to avoiding a recession. The widening wealth gap and energy supply are becoming bottlenecks for AI development. In the future, AI and cryptocurrencies may become the focus of policy adjustments. Summary generated by Mars AI This summary was generated by the Mars AI model, and its accuracy and completeness are still in the process of iterative improvement.
AI unicorn Anthropic accelerates IPO push, taking on OpenAI head-to-head?
Anthropic is accelerating its expansion into the capital markets, initiating collaboration with top law firms, which is seen as an important signal toward going public. The company's valuation is approaching 300 billions USD, and investors are betting it could go public before OpenAI.
Did top universities also get burned? Harvard invested $500 million heavily in bitcoin right before the major plunge
Harvard University's endowment fund significantly increased its holdings in bitcoin ETFs to nearly 500 million USD in the previous quarter. However, in the current quarter, the price of bitcoin subsequently dropped by more than 20%, exposing the fund to significant timing risk.
The Structural Impact of the Next Federal Reserve Chair on the Cryptocurrency Industry: Policy Shifts and Regulatory Reshaping
The change of the next Federal Reserve Chair is a decisive factor in reshaping the future macro environment of the cryptocurrency industry.
Trending news
MoreCrypto prices
More
