Ethereum’s native token, Ether (ETH), witnessed a major corporate purchase over the weekend as BitMine, the world’s largest institutional Ether holder, bought more than 200,000 ETH during the recent market crash.
The firm’s chairman, Tom Lee, who also co-founded Fundstrat Global Advisors, described the crash as a “discount buying opportunity,” spending about $827 million to expand BitMine’s Ethereum treasury.
Bitmine’s Total Holdings Now Exceed $13.4 Billion
The cryptocurrency market suffered a sharp correction on Oct. 10, triggering over $19 billion in forced liquidations across major exchanges. While most traders exited their leveraged positions, BitMine took the opposite route, buying into the panic.
The firm confirmed it had acquired 202,037 ETH at an average price of $4,154 per token, pushing its total Ether holdings above 3.03 million ETH, or about 2.5% of Ethereum’s circulating supply.
BitMine’s updated balance sheet shows total assets worth $13.4 billion, including $12.9 billion in crypto and moonshot investments, 192 Bitcoin (BTC), $104 million in cash, and a $135 million equity stake in Nasdaq-listed Eightco Holdings. The weekend purchase increased BitMine’s Ethereum position by nearly 7%.
Tom Lee said BitMine’s recent purchase is part of its “aggressive accumulation phase,” reflecting long-term conviction in Ethereum’s role in the future digital economy. The company has previously stated plans to control up to 5% of Ethereum’s circulating supply, mirroring MicroStrategy’s Bitcoin accumulation strategy.
You May Also Like: Is Ethereum’s (ETH) Next Stop $3,800 or $7,500? Conflicting Charts Emerge as Staking ETFs Go Live
Other Institutions Quietly Accumulating Ether
BitMine’s move comes amid broader institutional accumulation trends. Data from BlackRock’s Q3 2025 portfolio shows its total crypto assets rose from $79.63 billion in July to $102.09 billion by September, a 28% increase quarter-over-quarter. Bitcoin holdings grew 14.61%, from $75.26 billion to $86.25 billion, a gain of $10.9 billion, while Ethereum holdings surged 262.36%, from $4.37 billion to $15.83 billion, an increase of $11.46 billion.
However, BlackRock’s Ether ETF products experienced $80 million in outflows on Oct. 10, suggesting some investors took profits following recent price swings.
Meanwhile, Grayscale Investments has reportedly deposited hundreds of millions worth of ETH into the Beacon Chain as part of its staking strategy. This signals a shift among large institutions toward using Ethereum’s proof-of-stake network for yield generation rather than passive holding.
Data from CME and Coinbase also shows that US institutional investors took advantage of the crash to build exposure to both Bitcoin and Ethereum, with spot inflows rising sharply during the weekend.
Market analyst Ted Pillows compared Ethereum’s price movement with global M2 money supply growth, suggesting ETH may be entering a new expansion phase. In his post on X, Pillows said Ether could “catch up with the M2 supply in Q4,” setting a fair value range between $8,000 and $10,000 by Q1 2026.
The chart he shared highlights Ethereum’s rebound from its Wyckoff accumulation zone near $2,836, showing a strong correlation between global liquidity expansion and ETH’s recovery since mid-2025.