Ethereum Updates: BitMine's $113 Million ETH Acquisition Triggers Market Movement in Pursuit of 5% Stake

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Ethereum Updates: BitMine's $113 Million ETH Acquisition Triggers Market Movement in Pursuit of 5% Stake

Bitget-RWA2025/10/31 00:18

By:Bitget-RWA

- BitMine Immersion acquired $113M in ETH from BitGo, now holding 3.3M ETH (2.8% of supply) with a 5% control target. - Ethereum's price dropped 9.08% over three days, hitting $3,757.13 after a brief 1.67% gain to $4,132.56. - Early Ethereum ICO participants moved $6M ETH to Kraken, following similar activity in August and 2018. - BitMine's accumulation strategy positions it as the largest public ETH holder, surpassing most institutional investors. - Despite 23.55% gains in five months, Ethereum remains 16

This week, Ethereum experienced ongoing price fluctuations as on-chain data revealed evolving trends within the cryptocurrency sector.

BitMine Immersion

, a significant entity in the digital asset industry, purchased close to $113 million in

Ethereum

(ETH) from the custodian BitGo, indicating a renewed push for accumulation. The deal, which involved 27,316

ETH

from the wallet "0xDc8...3a07f," fits with BitMine's ongoing efforts to grow its reserves. The company now possesses around 3.3 million ETH—valued at over $13 billion at present rates—and reportedly seeks to eventually own 5% of all Ethereum in circulation, according to

a Happycoin report

Ethereum's price performance has shown both gains and losses over the last week. On October 27, the cryptocurrency climbed 1.67% to reach $4,132.56, its highest 5 p.m. close since October 13, following a five-day rally, based on

Morningstar data

. Yet, this upward momentum quickly reversed. By October 29, Ethereum had dropped 0.88% to $3,949.15, marking its steepest daily decline since October 28, according to

Morningstar data

. The downturn intensified on October 30, with the price falling 4.86% to $3,757.13—the lowest 5 p.m. close since October 11, as per

Morningstar data

. Across these three days, Ethereum lost 9.08%, its sharpest three-day drop since October 16.

Ethereum Updates: BitMine's $113 Million ETH Acquisition Triggers Market Movement in Pursuit of 5% Stake image 0

These recent price movements have occurred alongside significant on-chain transactions.

BitMine’s accumulation approach has made it the largest public Ethereum holder, outpacing most institutional investors. The company is second only to Strategy, which owns over 640,000

bitcoins

(valued at $74 billion), while BitMine’s 3.3 million ETH accounts for 2.8% of the total Ethereum supply. The firm has also broadened its investments, allocating $88 million to Eightco Holdings as part of its "moon projects" initiative, according to the Happycoin report.

Ethereum’s performance so far this year has been mixed. Although the token has gained 23.55% over the past five months, it remains 16.60% below its record high of $4,955.23 set in August, as noted by Morningstar. The recent decline has sparked debate about whether the market is consolidating or entering a correction. Analysts suggest that BitMine’s ongoing purchases could help stabilize prices, but broader economic factors, such as U.S. interest rates, continue to play a crucial role in shaping Ethereum’s outlook.

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.

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