Trusted editorial content reviewed by leading industry experts and experienced editors. Ad Disclosure
BitMine's large purchase and a series of public warnings have markets keeping a detailed eye on Ethereum this week. Big moves were made through the selloff, and corporations and investors at the moment are considering whether these purchases represent confidence or just a bet on a recovery.
Large-scale accumulation continues
According to on-chain data from Arkham Intelligence and tracker “BMNR Bullz,” BitMine Immersion Technologies purchased a complete of 379,271 ETH in three separate purchases: 202,037 ETH after the weekend crash, 104,336 ETH on Thursday, and 72,898 ETH on Saturday.
The loot is reportedly price nearly $1.5 billion. The purchases weren’t officially confirmed by BitMine, however the transfers were visible on public ledgers.
BitMine's position and timing
BitMine reportedly has over 3 million ETH, which is about 2.5% of the full supply, and this supply was valued at about $11.7 billion at current prices.
🚨 MASSIVE ETHEREUM ACCUMULATION
Bitmine just went ALL-IN on $ETH, raising a complete of 379,271 ETH ($1.48 billion) through the decline! 👀
💰 +72,898 ETH ($281 million) yesterday's decline
💰 +104,336 ETH (417 million USD) 3 days ago
💰 +202,037 ETH after weekend crash
Tom Lee wasn't kidding when he said… pic.twitter.com/oiyhLO79wk
— BMNR Bullz (@BMNRBullz) October 18, 2025
The company reportedly set a goal of reaching 5% of supply and only began constructing treasuries in early July, when Ether was near $2,500.
Fundstrat's Tom Lee has also been buying – he said he has bought $1.5 billion price of Ether for the reason that market crash – signaling that some big players see long-term upside.
ETHUSD is now trading at $3,917. Chart: TradingView
Questions have been asked about DAT pricing
Lee reportedly warned that the hype surrounding digital asset treasuries (DATs) could also be fading, with many DATs trading at or below their net asset value (NAV).
Research firm 10x Research reported that several major DATs were trading near or below net asset value. This has led investors to query whether the trading drops are on account of ongoing problems or a transient market decline.
Huobi founder Li Lin is reportedly raising around $1 billion to place into an Ether treasury, showing that some firms still want exposure despite the favorable trading levels.
Optimistic views meet market stress
According to Lee, Ethereum could “flip” Bitcoin in a way that he in comparison with the best way Wall Street and stocks overtook gold after 1971. He also warned that investors are still “licking their wounds” from a record leverage flush.
Markets are down 15% from the Oct. 7 high, while gold is down about 3% from its peak. These steps determine where large holders place their bets.
Over the weekend I experienced something that each crypto investor should concentrate to. Ethereum, the world's largest blockchain, was overloaded and charges rose to over $1,000 only for processing small transactions. That's like paying a thousand dollar toll to drive on a single lane road… pic.twitter.com/m9o1sRUQE0
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) October 16, 2025
Network load
Meanwhile, Kevin O'Leary raised the alarm about Ethereum's congestion after fees skyrocketed through the sell-off, based on social media posts and blockchain data.
He wrote that straightforward transactions briefly incurred fees of as much as $1,000, highlighting the constraints of coping with sudden demand.
Etherscan data showed that average each day gas prices hit a nine-month high last Friday, which was confirmed by market observers.
Featured image from Unsplash, chart from TradingView
Editorial process At Bitcoinist, the main target is on providing thoroughly researched, accurate, and unbiased content. We maintain strict sourcing standards and each page is rigorously reviewed by our team of top technology experts and experienced editors. This process ensures the integrity, relevance and value of our content to our readers.
