BitMine Buys The Dip, Ethereum Stash Tops 3M ETH – Crypto News – Crypto News
Connect with us
BitMine Buys The Dip, Ethereum Stash Tops 3M ETH BitMine Buys The Dip, Ethereum Stash Tops 3M ETH

Cryptocurrency

BitMine Buys The Dip, Ethereum Stash Tops 3M ETH – Crypto News

Published

1 week ago

on

The world’s largest Ethereum treasury company has been buying the dip as its stash reaches a new milestone.

BitMine Immersion Technologies announced on Monday that its Ether holdings had topped 3 million ETH. It now owns greater than 2.5% of the ETH token supply, “now at the halfway point as it moves toward the ‘Alchemy of 5%’,” it stated.

The company’s Ether, crypto, and cash holdings were worth $12.9 billion as of October 13, and nearly all of that is ETH. It also holds 192 BTC and stakes in several crypto companies.

Ethereum DATs Keep Buying

“The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of,” said Tom Lee of Fundstrat, and chairman of BitMine.

The firm purchased 202,037 tokens over the past few days, pushing its holdings to 3,032,188 ETH. Lee went on to explain how the leverage flushout and volatility caused panic selling and discounts to asset fundamentals.

“Volatility creates deleveraging, and this can cause assets to trade at substantial discounts to fundamentals, or as we say, ‘substantial discount to the future’ and this creates advantages for investors, at the expense of traders.”

Millions of traders were liquidated when markets tanked following insider whales opening massive short positions just before a major announcement from the US President.

BitMine stock (BMNR) surged more than 8% on Monday to reach $56.85 before dipping slightly in after-hours trading. Shares in the firm have soared a whopping 1,200% since it started accumulating Ether in late June.

“The combined trading volume share of BitMine and MSTR [Strategy] is now 88% of all global DAT trading volume,” added Lee.

You may also like:

The second-largest Ether treasury firm is SharpLink Gaming, which hasn’t bought the dip recently but holds 838,727 ETH worth approximately $3.54 billion, according to SER.

Michael Saylor’s Strategy also made an acquisition last week, scooping up 220 BTC for roughly $27 million.

ETH Price Outlook

Ether prices have continued to recover from an intraday dump to $4,060 to reach $4,285 in late trading on Monday. However, it has retreated back to $4,100 during the Tuesday morning Asian trading session and remains within its range-bound channel. Analysts remain bullish for a Q4 or Q1 2026 rally for ETH into five figures.

In related news, Bhutan celebrated a historic milestone on Monday, becoming the first nation to anchor its national digital identity system on Ethereum.

SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Related Topics:
Continue Reading

Trending