- BitMine bought $70 million worth of Ether over three days during the recent market dip.
- The company now holds 3.7 million ETH and aims to control 5% of total supply.
- Large Ethereum wallets increased holdings by 52% since April while smaller holders reduced theirs.
BitMine Immersion Technologies purchased nearly $70 million worth of Ether over three days ago during a recent market downturn. Blockchain data from Lookonchain shows the company acquired 7,080 ETH for approximately $19.8 million on Monday. Over the preceding weekend, it bought 16,693 ETH for roughly $50.1 million.
The purchases continue BitMine’s aggressive strategy to expand its Ether treasury. The firm currently holds one of the largest corporate ETH reserves, according to industry trackers. Moreover, BitMine was announced the largest ETH treasury in the world after acquiring over 2.65 million Ethereum in late September. Current holdings total around 3.7 million ETH at an average cost of $3,008 per token. At present market prices, the position remains below break-even.
Long-Term Accumulation Strategy
BitMine aims to control about 5% of total Ether supply and has reached roughly 62% of that goal. Management shows no signs of slowing acquisitions. BitMine recently bought 14,618 ETH to expand its treasury and now holds over 3% of Ethereum supply. Analysts note that Ether’s current weakness reflects market hesitation rather than structural decline.
The company compares the current ETH market conditions to Bitcoin’s setup in 2017. That period included significant volatility before Bitcoin entered a major bull cycle. Despite drawdowns of up to 75%, early investors in Bitcoin experienced long-term gains exceeding 100 times their initial investment.
Leadership and Governance Updates
BitMine recently appointed Chi Tsang as its new CEO, replacing Jonathan Bates. The transition took effect immediately. Alongside this change, the company added three independent board members to strengthen corporate governance.
The firm’s leadership emphasizes Ethereum holdings and credibility with both Wall Street and the crypto ecosystem. This positions BitMine to expand influence as a major institutional player in digital assets.
Market Context and Whale Activity
There is an increase in the number of Ethereum whales as the trading price nears the point of $3,000. CryptoQuant data states that wallets with 10,000 to 100,000 ETH received 7.6 million ETH since April, and grew by 52%. In the meantime, smaller holders are still decreasing their balances.
Ether has been lagging behind Bitcoin throughout most of 2025 despite the general market improvement. The highest point of ETH was in August at 4,946. Bitcoin topped $126,000 in October. It has been observed that big whale accumulation is usually followed by market reversal, making speculations on future price changes.
BitMine’s recent buying spree highlights continued institutional confidence in Ethereum. Its strategic accumulation and leadership changes signal readiness to expand influence in the cryptocurrency market.
