BitMine Increases Ethereum Holdings by $417 Million
Date: 2025-10-17 Author: Henry Casey Categories: BUSINESS
BitMine Immersion Technologies added 104,336 ETH to its reserves, equivalent to approximately $417 million, according to Lookonchain analysts, citing Arkham data. The funds were transferred to three new addresses via seven transactions from wallets on the Kraken exchange and custodian BitGo. There is no official confirmation from BitMine yet.
As of today, the company holds 3.03 million ETH, worth $12.18 billion, remaining the largest corporate holder of Ethereum. BitMine is led by Fundstrat co-founder Tom Lee, who regularly expresses support for the second-largest cryptocurrency by market capitalization. In a recent interview with CNBC, he predicted a "massive rally" for Bitcoin and Ethereum in the fourth quarter.
This purchase occurred amid a market correction: over the past seven days, Ethereum's price has fallen 9.7% to $4,036. The asset is trading 18.6% below its all-time high, according to CoinGecko. Despite the recent wave of liquidations, analysts note that market fundamentals remain strong, creating conditions for further growth.
"Crypto enthusiasts who believe in cryptocurrency as an investment vehicle to the point of using leverage to speculate have suffered. These players are here to stay," comments Wincent Senior Director Paul Howard.
It's worth noting that this isn't the company's first major purchase in recent days: on October 13, BitMine acquired 202,037 ETH, also taking advantage of the decline in digital asset prices. These moves allow the company to strengthen its market position and demonstrate confidence in Ethereum's long-term growth.
Analysts emphasize that BitMine's actions reflect a buy-on-dip strategy, which could signal an upcoming price increase. The company remains an active player, capable of influencing corporate reserves and the overall dynamics of the cryptocurrency market.
Experts also note that the interest of large institutional investors in Ethereum creates additional support for the asset and strengthens confidence in its long-term prospects. Given the current market situation, further purchases and strengthening of reserves by BitMine could contribute to price stabilization and a gradual recovery of ETH's market position.
