BitMine Immersion Technologies, led by Fundstrat Co-Founder Tom Lee, has continued its aggressive accumulation of Ethereum (ETH), adding another 27,316 ETH, worth roughly $113 million, to its corporate treasury this week.
According to data shared by Lookonchain using Arkham Intelligence, the purchase was made through wallet address “0xDc8…3a07f” via BitGo on Tuesday. Though BitMine hasn’t yet confirmed this specific transaction, it aligns with the company’s recent pattern of large-scale Ethereum buys.
Just a day earlier, BitMine officially updated investors that its total holdings had surpassed 3.3 million ETH, valued around $13.2 billion at current prices, making it the largest Ethereum treasury firm in the world and the second-largest overall crypto treasury firm after Michael Saylor’s MicroStrategy.
BitMine’s October buying spree
October has been an especially active month for BitMine’s Ethereum accumulation. Throughout October, BitMine went on an aggressive Ethereum buying streak. The company purchased 77,055 ETH in the week ending October 27, 203,826 ETH the week before, 202,037 ETH in mid-October, and 179,251 ETH at the start of the month.
In total, BitMine scooped up more than 660,000 ETH this month alone—a haul worth over $2.7 billion at current prices, underscoring its determination to keep expanding its Ethereum holdings despite market volatility.
Its October 27 treasury update confirmed total assets worth $14.2 billion, consisting of 3,313,069 ETH (valued at $4,164 per ETH), 192 BTC, an $88 million stake in Eightco Holdings (NASDAQ: ORBS), and $305 million in unencumbered cash reserves.
A series of bold buys
- On October 10, BitMine added 23,823 ETH worth $104 million.
- On October 13, it purchased 128,718 ETH worth $480 million shortly after the crypto market crash, signaling a “buy-the-dip” strategy.
- On October 16, it bought another 104,336 ETH worth $417 million within seven hours through three new wallets.
- The most recent purchase of 27,316 ETH continues this rapid accumulation trend.
Tom Lee has repeatedly highlighted his long-term bullish stance on Ethereum, calling it a “truly neutral chain” and predicting that both Wall Street and Washington will favor it for future blockchain-based financial systems.
Institutional support and market leadership
BitMine’s growth has drawn major institutional backing, with investors including Ark Invest’s Cathie Wood, Bill Miller III, Digital Currency Group (DCG), Founders Fund, Galaxy Digital, Kraken, and Pantera Capital.
Its stock, trading under the ticker $BMNR, has also become one of the most liquid equities in the U.S. market. According to Fundstrat data, BMNR’s five-day average trading volume stood at $1.5 billion as of October 24, ranking it #46 among 5,704 U.S.-listed stocks, just behind Goldman Sachs and ahead of Amphenol.
MicroStrategy ($MSTR) and BitMine together now account for over 80% of total digital asset treasury trading volume (DAT), with BitMine’s share rising from 31% to 34% within the past month.
BitMine’s aggressive buying isn’t just about building a bigger balance sheet—it reflects a larger trend among big institutions moving toward Ethereum-focused treasuries. Ethereum is no longer seen as a risky bet but as a productive digital asset driving much of today’s blockchain innovation.
Its network powers everything from DeFi platforms and stablecoins to tokenized assets, giving it real-world utility beyond price speculation. Unlike Bitcoin, which is mostly treated as digital gold, Ethereum generates yield through staking and plays a vital role in the infrastructure of decentralized finance (DeFi).
As Lee noted in a recent CNBC appearance, “Most of the time, price ‘leads’ fundamentals, but there are times when fundamentals lead price.” He cited surging stablecoin demand and record Ethereum transaction activity as signs of strong underlying momentum.
Lee also linked macro trends to Ethereum’s strength, saying, “The progress in trade talks between US and China is a positive for Ethereum and crypto broadly. These are global assets, and while their fundamentals are uncorrelated to equities, crypto performs better when equities rise.”
BitMine’s ongoing Ethereum buildup shows that big institutions aren’t treating crypto as a short-term play anymore. They’re betting on it for the long haul—especially on assets they believe will shape the next generation of finance and Ethereum sits right at the heart of that change.
The bigger picture
Ethereum has grown way beyond being just another cryptocurrency. It’s now driving tokenization, digital payments, and decentralized finance, basically becoming the backbone of how value moves across the digital world.
BitMine already owns more than 3.3 million ETH, roughly 2.75% of Ethereum’s total supply, and it’s still adding more. The company’s goal is to eventually hold 5% of all ETH, a milestone that would make it the clear leader in Ethereum ownership and show just how deeply Ethereum is now tied to the future of global finance.
Also Read: SharpLink to Deploy $200 Million in Ethereum on Linea Network
