- BitMine expands Ether holdings amid market crash.
- The company now holds over 3 million ETH, representing about 2.5% of the total supply, with total assets reaching $13.4 billion.
- Chairman Tom Lee called the crash a “substantial discount to the future”, reaffirming long-term institutional confidence in Ether.
BitMine, the world’s largest corporate Ether (ETH) holder, has significantly expanded its position during the recent crypto market downturn, viewing the event as an ideal opportunity to “buy the dip.”
The company revealed that it purchased 202,037 ETH, valued at roughly $827 million, over the weekend, pushing its total holdings beyond 3 million Ether, or about 2.5% of the cryptocurrency’s total circulating supply. The average purchase price per token was $4,154, according to a Monday X post.
Following this accumulation, BitMine’s total assets now amount to $13.4 billion, including $12.9 billion in crypto and moonshot investments, 192 Bitcoin (BTC) worth over $22 million, $104 million in cash, and a $135 million equity stake in Eightco Holdings, a Nasdaq-listed technology company.
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The firm’s decisive move reinforces the growing institutional belief in Ether’s long-term value, even after a weekend that saw nearly $19 billion in liquidations amid one of the most volatile trading sessions in 2025.
BitMine accelerates Ether accumulation strategy
According to Tom Lee, BitMine’s chairman and head of research at Fundstrat, the recent crypto sell-off provided a rare buying window.
The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of,” Lee said. We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH.
Lee further noted that volatility creates opportunities for patient investors:
Volatility creates deleveraging, and this can cause assets to trade at substantial discounts to fundamentals or as we say, ‘substantial discount to the future.’ This creates advantages for investors, at the expense of traders.
The company’s latest purchases mark a key milestone in its long-term treasury goal of controlling 5% of Ether’s total supply, positioning BitMine as a dominant institutional player in Ethereum’s ecosystem.
Market reaction and investor sentiment
While BitMine’s aggressive accumulation underscores bullish sentiment around Ether, its stock (BMNR) experienced a short-term decline, falling 11% over the past five days, according to Google Finance.
Despite the dip, BMNR ranked as the 22nd most actively traded stock in U.S. markets, with an average five-day trading volume exceeding $3.5 billion as of October 10.
The decline followed Kerrisdale Capital’s short position on BitMine, with the investment firm labeling its business model as “on its way to extinction.”
Nevertheless, Lee’s counter-strategy of using market downturns to expand Ether holdings may inspire other corporate treasuries to adopt a similar long-term accumulation approach, reflecting broader institutional conviction in Ethereum’s fundamental strength.
A sign of growing institutional conviction in Ether
BitMine’s bold accumulation during heightened volatility illustrates the maturing nature of institutional crypto strategies. Rather than retreating from turbulence, firms like BitMine are using it as leverage turning panic into opportunity.
As traditional markets begin to embrace digital assets as strategic reserves, BitMine’s actions could signal a new phase of corporate Ether adoption, where blockchain-based assets play a central role in diversified treasuries.
