TLDR
- BitMine purchased 104,336 ETH, worth approximately $417 million, during a market decline.
- The Ethereum was transferred from Kraken and BitGo to three new wallets.
- BitMine has now accumulated 3 million ETH, which is 2.5 percent of the total supply.
- The company has reached 50 percent of its treasury target in just a few months.
- Tom Lee remains confident that Ethereum will reach $10,000 by the end of the year.
BitMine has expanded its Ethereum (ETH) holdings, acquiring 104,336 ETH valued at $417 million, according to onchain data. The purchase follows a sharp market decline, marking BitMine’s second central ETH accumulation this week. Analysts observed the transactions moving from Kraken and BitGo to new whale wallets.
BitMine Expands ETH Holdings Amid Market Decline
BitMine reportedly used the ETH price drop to increase its digital asset treasury significantly on Thursday. Blockchain data shows three wallets received over 100,000 ETH, tracing back to BitGo and Kraken. Analysts, including Lookonchain and Arkham, confirmed similarities to previous BitMine acquisitions.
It looks like Bitmine(@BitMNR) just bought another 104,336 $ETH($417M).
Over the past 7 hours, 3 new wallets received 104,336 $ETH($417M) from #Kraken and #BitGo.
Despite the crypto market crash, Tom Lee still predicts $ETH will hit $10K by year-end.https://t.co/KewyZ4cAeP… pic.twitter.com/Vn5b9ijP2Z
— Lookonchain (@lookonchain) October 16, 2025
Tom Lee, who chairs BitMine, has reaffirmed support for Ethereum’s long-term outlook despite recent volatility.
“The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of,” he said.
The company’s previous ETH purchase, made earlier this week, totaled 202,037 coins, following a weekend market downturn.
BitMine has now reached half of its treasury target, accumulating 3 million ETH, representing 2.5% of the total supply. This marks a significant milestone, as the firm aims to strengthen its position within the crypto treasury ecosystem. BitMine’s holdings are nearly equal to half of the 5.9 million ETH held by all public corporate treasuries.
Price Drops but BitMine Maintains Bullish Outlook
Ethereum dropped to $3,945 on Wednesday, down 20% from its August high of $4,946. However, ETH price regained some ground, trading slightly above $4,000 by Thursday evening. BitMine’s recent actions suggest continued confidence in Ethereum’s long-term growth.
Despite the downturn, Tom Lee remains optimistic, predicting Ethereum could still reach $10,000 by year-end. Market analysts echoed this sentiment, with “Rekt Fencer” comparing Ethereum’s cycle to Bitcoin’s 2020-2021 run. “Ethereum is copying Bitcoin’s 2020-2021 run,” the analyst stated on X.
Ethereum is copying Bitcoin’s 2020-2021 run.
$15,000 for $ETH is still on the table this cycle.
Don’t overthink it. pic.twitter.com/jubIUfe2r4
— Rekt Fencer (@rektfencer) October 15, 2025
Arthur Hayes and Tom Lee both reaffirmed their bullish ETH projections earlier this week. Another market analyst, “Crypto Bullet,” noted ETH’s chart patterns match Bitcoin’s from 2024. He projected Ethereum could reach $6,000 to $7,000 this cycle.
BitMine Ramps Up Treasury Accumulation Strategy
BitMine continues to make aggressive moves during periods of price weakness in the crypto market. The firm’s latest purchase highlights its strategy of buying the dip to build a substantial ETH reserve. Onchain analysts have consistently linked whale wallet activity to BitMine.
Arkham confirmed the three wallets matched BitMine’s previous acquisition behavior, supporting Lookonchain’s report. “The acquisition patterns match BitMine ETH acquisitions from BitGo,” Arkham stated. BitMine has not yet released an official statement confirming the transactions.
