BitMine Immersion Technologies made a fresh acquisition of roughly 24,000 ETH on October 10, valued at approximately $104 million, according to on-chain tracker Lookonchain. The move underscores the company’s ongoing strategy to strengthen its Ethereum holdings as part of a long-term treasury plan.
This latest purchase follows a previous buy on October 8, consistent with BitMine’s pattern of steady accumulation. That transaction, executed via FalconX, added over 20,000 ETH—worth around $90 million at the time—to the firm’s treasury.
Throughout October, the Nevada-based company has made multiple significant acquisitions, aiming to eventually control 5% of Ethereum’s total supply. With these recent purchases, BitMine’s total ETH buys for the month surpass $407 million, solidifying its position as the largest corporate Ethereum holder. The company now holds approximately 2.83 million ETH, representing 2.34% of circulating supply, valued at about $12.3 billion at current prices.
Ethereum Price Holds Key Levels
Ethereum is trading near $4,368 at the time of writing, down roughly 2% on the day, according to crypto.news. Earlier in the week, ETH hit a local high around $4,645 before pulling back to test support near $4,253—a notable retracement from its recent upward momentum.
For Ethereum to resume a bullish trajectory, buyers need to reclaim the $4,645 resistance and maintain momentum above $4,700, which could pave the way toward the $5,000 psychological level. Institutional accumulation and heightened DeFi activity would likely act as key catalysts for such a move.
On the downside, a decisive break below $4,250 could trigger further declines, with the next significant support around $3,990. Rising sell pressure and ongoing macroeconomic uncertainty could reinforce the potential for an extended correction in the sessions ahead.
