Tom Lee-led Bitmine continues aggressive dip-buying with institutional backing.
On Oct. 12th, 2025 at 03:13 UTC, a tweet surfaced that Bitmine Immersion Technologies had bought 128,718 ETH, or $480 million worth, over the weekend market crash. The statement corroborates, but with blockchain transaction data provided by @lookonchain and @rovercrc, which indeed verify several large transfers from FalconX wallets and the Kraken exchange.
This occurred during a broad market sell-off after U.S. President Donald Trump announced on October 10, a 100% tariff of Chinese software as well as U.S. export controls on rare earth minerals. As a result of this geopolitical shock Bitcoin decreased 8.4%, resting at $111,841 and Ethereum also witnessed a decline of 15.62%, landing at $3,792.31 according to LiveMint and CoinDesk prices. This created a definite accumulation zone for institutional players such as Bitmine, which has been vocal about its “buy the dip” approach during moments of volatility. Wallet logs indicate deposits like 14.44 ETH ($57,700) and 24.49 ETH ($97,960) made to Bitmine wallets within a day’s time. This would imply an average purchasing price of $3,728 per ETH, in line with Ethereum’s price dropping below the $3,800 level during the market crash.
Originally established as a Bitcoin mining operation Fundmine and Mining Investment Fund Fundstrat Global Advisors have pivoted to Ethereum accumulation, is led by Tom Lee, Managing Partner. As of October 6, 2025, Bitmine had 2.83 million ETH worth $13.4 billion in liquidation value, giving Bitmine the largest Ethereum treasury in the world and the second largest crypto treasury behind MicroStrategy. Following its recent $480 million acquisition, Bitmine is said to be holding upwards of 2.96 million ETH, or nearly 2.5% of the total circulating supply of Ethereum.
Bitmine has remained aggressive in its accumulation. The company purchased 179,251 ETH ($820 million) earlier that week and 27,256 ETH ($104 million) on October 11, 2025. This $480 million acquisition is the company’s third major acquisition in under a week.Bitmine aspires to own 5% of the total supply of Ethereum (~6 million ETH) according to company filings. Though they report a $1.9 billion floating loss due to the price drop in September, the firm keeps its staking operations, receiving a yield of 3-5% annually through validator nodes and ETH liquidity protocols.
On top of this, Bitmine counts Founders Fund, Peter Thiel’s VC firm with a 9.1% stake, and ARK Invest among its investors, lending credibility to its maneuvers. According to trading data from Nasdaq, Bitmine ranks among number 10 of U.S. stocks most traded with a daily volume of $6.4 billion. Tom Lee, the CEO, described the current drop as a “healthy shakeout” and predicts ETH will be back to $4,500-$5,000 by year’s end. Should Ethereum rise again above $4000, Bitmine’s most recent acquisition would register $35-40 million in unrealized profits within days of this happening, which contributes to the long term thesis.
