Shortly after October’s historic crypto market crash, Bitmine Immersion Technologies acquired 128,718 Ethereum (ETH), worth approximately $480 million for its corporate reserve. The move shows how major institutions are seizing opportunities amid market turmoil.
Data from on-chain analytics firm Lookonchain revealed that Bitmine bought ETH from two exchanges, FalconX and Kraken, using six newly activated wallets likely tied to the company. These buybacks affirm a strategic buy-the-dip strategy, which exploits the plummeting prices in the crash.
Led by Fundstrat Capital CIO Tom Lee, Bitmine already held over 2.83 million ETH before this purchase, as per Strategic ETH Reserve data. With the latest haul, the company’s Ethereum treasury now totals roughly 2.96 million ETH, nearly 2.5% of the entire Ethereum supply.
This makes Bitmine the largest public company ETH holder and one of the biggest crypto treasuries overall, second only to MicroStrategy, according to CoinGecko data.
Crash creates opportunity
Friday’s market crash followed the U.S. President Donald Trump’s surprise announcement of 100% tariffs on Chinese software imports and restrictions on U.S. rare earth exports.
During the U.S. session, Bitcoin fell as much as 13% and Ethereum fell by 20%, clearing billions from leveraged positions. Amid the chaos, liquidity dried up for many traders, but Bitmine stepped in to buy at lows, reportedly purchasing ETH around $3,728.
The crypto market rebounded after the historic crash. At the time of writing, Bitcoin was trading at $114,777 with a 24-hour volume of $91.77 billion, up 2.86%. Ethereum was trading at $4,132.89 and its 24-hour volume is $59.66 billion, up 8.67%, according to CoinMarketCap.
By taking advantage of market dips, Bitmine not only strengthens its treasury but may also help stabilize prices as volatility returns to normal. Buy-the-dip strategies such as this are institutional, and demonstrate that even in a sharp downturn, confident players see opportunity, not risk.
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