BitMine Immersion Technologies has quietly built one of the world’s largest Ether treasuries. Since the record crypto crash on October 11–12, the firm has scooped up 379,271 Ether worth nearly $1.5 billion (₹13,171.50 crore) even as digital asset treasury (DAT) hype cools.
Fundstrat co‑founder Tom Lee, who chairs BitMine, confirmed the purchases followed market turbulence that wiped out $2 billion in leveraged positions and pushed Ether down 20%. Despite warning that the “DAT bubble may have burst,” Lee stayed confident in Ether’s long‑term strength. I believe his dual stance feels cautious yet convincing.
BitMine’s holdings now exceed 3 million ETH, equal to about 2.5 percent of the total supply, valued near $11.7 billion. The firm began accumulating in early July when ETH hovered around $2,500. Its target owning 5 percent of the network by 2026 now appears within reach.
Opportunistic Purchases After the Crash
According to on‑chain data from Arkham Intelligence and tracker BMNR Bullz, BitMine split the $1.5 billion buying spree into three major tranches. It bought 202,037 ETH after the crash, another 104,336 on October 16, and a final 72,898 on October 18.
Insiders said BitMine executed these through large over‑the‑counter platforms such as FalconX and BitGo to avoid rattling markets. Each tranche reflected strategic timing buying when sentiment was weakest. These moves show a pattern of disciplined accumulation, not reckless speculation.
Interestingly, the firm’s daily trading volumes have already surpassed those of MicroStrategy, reaching $3.9 billion last week. That surge strengthens Ether’s growing role in corporate treasuries. At this pace, BitMine could easily match the giant’s influence in digital finance.
Lee’s Future
Tom Lee remains one of crypto’s most recognizable bullish voices. He told Fortune that Ether could “flip” Bitcoin in dominance, much like equities overtook gold after 1971. Yet, in the same breath, he admitted the treasury investment bubble might have already popped, as many DATs now trade below their net asset value.
Research firm 10x Research backed his observation, noting that major treasuries like Metaplanet and Strategy are hovering near or under NAV. Lee calls this a natural correction, not a collapse. To me, that distinction matters it signals realism, not retreat.
Huobi founder Li Lin seems to agree. He has reportedly raised $1 billion for an Ether treasury of his own, chasing what he calls “meaningful alpha.” Clearly, institutional confidence in ETH has not disappeared; it has merely matured.
A Market Searching for Direction
The recent crash came from overleveraged bets and rising U.S. bond yields. Crypto markets remain about 15 percent below their record highs, yet signs of recovery are clear. Ether trades near $3,920 up 6 percent in a week while DeFi activity and staking levels both keep climbing.
Lee told CNBC that investors are still licking their wounds but warned against pessimism. “We’re at the basement and working back up,” he said. That confidence reflects a broader belief that crypto is no longer just a store of value it’s becoming part of real productivity.
In my view, BitMine’s aggressive dip‑buying embodies that shift. It’s betting not just on Ether’s price, but on its place at the center of digital finance. Despite volatility and “gold envy,” the company’s conviction could define this cycle’s turning point.
Written By Fazal Ul Vahab C H