{"id":17045,"date":"2025-10-16T08:05:51","date_gmt":"2025-10-16T06:05:51","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=17045"},"modified":"2025-10-16T08:05:51","modified_gmt":"2025-10-16T06:05:51","slug":"bitmine-acquires-417-million-in-ether-amidst-20-price-dip","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/10\/16\/bitmine-acquires-417-million-in-ether-amidst-20-price-dip\/","title":{"rendered":"BitMine Acquires $417 Million in Ether Amidst 20% Price Dip"},"content":{"rendered":"

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The planet\u2019s largest Ether digital asset reserve, BitMine, has allegedly taken advantage of the dip once more as ETH persists in declining from its August peak.<\/p>\n

Tom Lee-chaired BitMine Immersion Technologies reportedly acquired an additional 104,336 Ether (ETH<\/a>) valued at approximately $417 million on Thursday, based on onchain statistics.<\/p>\n

In the last seven hours, three new wallets obtained the assets from Kraken and BitGo, reported<\/a> Lookonchain. BitMine has not officially verified the transactions.<\/p>\n

\u201cIn spite of the crypto market crash, Tom Lee still anticipates ETH will reach $10,000 by the end of the year,\u201d they remarked.<\/p>\n

Earlier in the week, Lee and BitMEX co-founder Arthur Hayes reaffirmed<\/a> their prediction that Ether will achieve $10,000 in this year.<\/p>\n

Blockchain analytics company Arkham concurred with the observations, noting that three new whale wallets recently acquired $75 million in ETH each. \u201cThe purchasing trends align with BitMine<\/a> ETH procurements from BitGo,\u201d they stated.<\/p>\n

BitMine capitalized on the dip earlier this week after the weekend crypto market downturn<\/a>. On Monday, the firm revealed it acquired 202,037 ETH tokens \u201cin recent days,\u201d seizing the opportunity amidst lower prices.<\/p>\n

\u201cThe crypto liquidation seen in recent days prompted a price drop in ETH, which BitMine leveraged,\u201d remarked<\/a> Tom Lee at that moment.<\/p>\n

BitMine’s Ether transactions. Source: <\/em>Arkham<\/em><\/a>
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DATs remain stoic<\/h2>\n

Digital asset treasuries, including BitMine, seem unfazed by the ongoing crypto market disruptions, seizing the chance to buy the dips.<\/p>\n

BitMine has reached 50% of its treasury goal in just a matter of months, having amassed an impressive 3 million ETH, which equates to 2.5% of the total supply.<\/p>\n

Related: <\/strong><\/em>Ether on track to go \u2018nuclear\u2019 with 3 active \u2018supply vacuums\u2019 \u2014 Analyst<\/strong><\/em><\/a><\/p>\n

Its holdings also account for half of the Ether amassed by all public corporate treasuries, which currently totals 5.9 million ETH, valued at $23.7 billion, according<\/a> to StrategicEthReserve.<\/p>\n

ETH downtrend intensifies<\/h2>\n

The dip buying occurs as Ether markets continue to decline.<\/p>\n

ETH dropped to $3,945 during late trading on Wednesday, marking a 20% decrease from its August peak of $4,946.<\/p>\n

It had regained some ground by the time of this writing, trading slightly above the crucial $4,000 mark.<\/p>\n

Echoing chart patterns<\/h2>\n

Nonetheless, Tom Lee is among numerous experts and analysts who are optimistic that Ether will restart its bull run in the upcoming months.<\/p>\n

\u201cEthereum is mirroring Bitcoin\u2019s 2020-2021 rally,\u201d commented<\/a> analyst \u2018Rekt Fencer\u2019 before adding, \u201c$15,000 for ETH is still possible this cycle.\u201d<\/p>\n

Meanwhile, market analyst \u2018Crypto Bullet\u2019 drew comparisons between chart patterns from Bitcoin (BTC<\/a>) in 2024 and Ether in 2025, asserting that they are \u201cprecisely the same pattern,\u201d while forecasting an Ether surge up to $6,000 to $7,000 this year.<\/p>\n

ETH price movements resemble Bitcoin\u2019s last year: Source <\/em>Crypto Bullet<\/em><\/a><\/figcaption><\/figure>\n

Magazine: <\/strong><\/em>Ethereum\u2019s roadmap to 10,000 TPS utilizing ZK tech: A Dummies\u2019 guide<\/strong><\/em><\/a><\/p>\n