BitMine May Be Behind $417M Ethereum Accumulation

Last Updated on October 16, 2025

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Key Takeaways:

  • BitMine purchased 104,336 ETH (~$417M) as Ethereum dropped 20% from its August high, bringing its total holdings to 3 million ETH.
  • The acquisition represents 2.5% of Ethereum’s circulating supply and half of all ETH held by public corporate treasuries.
  • Blockchain analytics link the transaction to BitMine via matching onchain patterns from BitGo and Kraken wallet activity.

Blockchain data shows BitMine has purchased 104,336 Ether (ETH) worth around $417 million as the token fell 20% from its August peak

This acquisition brings BitMine’s total Ethereum holdings to 3 million ETH, or roughly 2.5% of the entire supplyhalf of all ETH held by public companies.

While the firm has not confirmed the latest purchase, both Lookonchain and Arkham Intelligence identified onchain activity consistent with BitMine’s prior acquisitions through BitGo

Earlier in the week, BitMine disclosed another major buy of 202,037 ETH, citing its strategy of “capitalizing on price dips” amid recent crypto liquidations.

Chair Tom Lee reiterated that short-term volatility presents long-term opportunities for accumulation

Analysts note the company has now achieved 50% of its ETH accumulation target.

Meanwhile, Ethereum dropped to $3,945 before slightly recovering above $4,000

Despite the downtrend, market observers remain optimistic, drawing parallels between Ethereum’s current pattern and Bitcoin’s 2020–2021 bull run, suggesting the token may be setting up for a longer-term recovery.

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