One of the biggest Ethereum buys in history just happened as BitMine Immersion Technologies quietly amassed nearly half a million ETH, betting big on a market rebound.
Key Takeaways
- BitMine added 483,000 ETH worth $1.9 billion during a major market dip, bringing its total holdings to over 3 million ETH or roughly 2.5% of the total supply.
- Chairman Tom Lee described the current crypto environment as a “golden buying opportunity,” citing broader market fear and volatility.
- President Trump confirmed a meeting with China’s Xi Jinping to review tariffs, potentially easing global economic tensions.
- The crypto market saw over $20 billion in liquidations, the largest in its history, with Bitcoin and Ethereum hit hardest.
What Happened?
Crypto investment firm BitMine made headlines this week by acquiring over 483,000 ETH amid the industry’s worst selloff of the year. With this purchase, BitMine now controls more than 3 million Ethereum coins, making it the largest corporate holder of ETH globally. Despite widespread liquidations, the firm is doubling down on Ethereum as the digital economy’s next frontier.
🚨BULLISH: Bitmine bought a total of 379,271 $ETH ($1.48B) during the dip!
— Coin Bureau (@coinbureau) October 18, 2025
It just added another 72,898 ETH ($281M), on top of 104,336 ETH ($417M) purchased 2 days ago.
Earlier this week, Tom Lee also revealed BitMine scooped up 202,037 #ETH after the weekend crash. pic.twitter.com/zFG1klMIN2
BitMine Bets Big on Ethereum
Blockchain data from Arkham Intelligence revealed that BitMine acquired 379,000 ETH worth around $1.5 billion across three transactions earlier this week. That followed an additional 104,000 ETH valued at $417 million, moved from Kraken and BitGo into new wallets, bringing the total to 483,000 ETH.
BitMine began building its Ethereum position in July when ETH was trading at around $2,500. Its goal is to eventually own 5% of the entire Ethereum supply, a target that now looks achievable after this aggressive expansion.
Despite recent volatility, BitMine’s chairman Tom Lee remains bullish on Ethereum’s long-term prospects. He has projected that ETH could reach $10,000 to $12,000 by the end of 2025. In a recent podcast, Lee emphasized that Ethereum is poised to outperform Bitcoin, likening its rise to how equities overtook gold in the 1970s.
Crypto Selloff Sparks Buying Opportunity
The recent correction shook the crypto world. Over $1 billion in liquidations occurred in just 24 hours, with Bitcoin losing $369 million and Ethereum facing $262 million in forced sales. The total damage from last weekend’s selloff crossed $20 billion, making it the largest liquidation event in crypto history.
Lee, however, sees this as a time for accumulation, not panic. He said:
He also noted that only 22% of fund managers are outperforming benchmarks this year, suggesting that many might soon start chasing returns, a move that could further lift crypto prices.
CoinLaw’s Takeaway
In my experience, big moves like BitMine’s don’t happen without conviction. When the market is fearful, it’s often the best time to act boldly and BitMine is clearly doing just that. While many are licking their wounds after the selloff, this firm is planting its flag firmly in Ethereum’s future. I found Tom Lee’s comparison to the 1970s stock market shift fascinating. If Ethereum is indeed the backbone of digital finance going forward, BitMine might have just pulled off one of the savviest plays of the year.
