BitMine Buys $1.5B in Ethereum After Market Crash

BitMine Immersion Technologies has quietly amassed nearly $1.5 billion worth of Ether in the days following the massive crypto market crash, signaling that institutional confidence in Ethereum remains strong even amid growing fears of a digital asset treasury (DAT) bubble.

According to on-chain data from Arkham Intelligence and the tracker BMNR Bullz, BitMine acquired 379,271 ETH across three major transactions—202,037 ETH right after the crash, followed by 104,336 ETH on Thursday and 72,898 ETH on Saturday. Though not officially confirmed by the company, the data suggests BitMine continues to expand its Ethereum holdings aggressively.

The firm is now the world’s largest Ether treasury, holding over 3 million ETH valued at roughly $11.7 billion, accounting for 2.5% of the entire Ethereum supply. BitMine’s goal is to control 5% of all ETH in circulation, a target it’s already halfway to achieving after starting its accumulation in July when ETH traded around $2,500.

Fundstrat’s Tom Lee remains optimistic about Ethereum’s long-term prospects, comparing its potential to Bitcoin’s dominance shift, much like how equities surpassed gold after 1971. However, Lee also warned that the “DAT bubble” may be bursting, as many treasury firms now trade below their net asset values.

Still, not all see doom ahead. Research from 10x Research notes that well-capitalized treasuries could still outperform through smart trading strategies. Meanwhile, Huobi founder Li Lin has reportedly raised $1 billion to invest in an Ether-focused treasury, betting that Ethereum’s comeback is only beginning.

Despite the 15% crypto market decline since October 7, Lee insists the sector is merely “at the basement and working its way back up.”