Ethereum Update: BitMine Acquires Ethereum During Market Dip, Approaching 5% Ownership of Total Supply

BitMine Immersion Technologies has ramped up its acquisition of

, boosting its reserves by 77,055 ETH last week and bringing its total holdings to 3.313 million coins. This now accounts for 2.8% of all ETH in circulation, as reported by . This latest move brings BitMine closer to its bold objective of owning 5% of Ethereum’s circulating supply—a strategy that has made it the world’s largest institutional ETH holder, according to . The $13 billion acquisition highlights the company’s strong belief in Ethereum’s future, even as the market experiences turbulence.

This wave of buying took place during a broader downturn in the crypto market, with ETH prices dipping below $4,000 in early October. While many retail traders pulled back, BitMine’s executive team, led by seasoned analyst Tom Lee, saw the price drop as a chance to buy strategically. Data from

Intelligence indicates the company picked up 63,539 ETH—worth $250 million—from exchanges Kraken and BitGo, with total weekly purchases surpassing 77,000 coins, according to . Lee has long supported the idea of an Ethereum “supercycle,” forecasting prices between $10,000 and $12,000 by 2025, fueled by institutional investment and macroeconomic factors; this perspective is also outlined in the Yahoo Finance report.

Market analysts have also expressed confidence in Ethereum’s near-term outlook. Crypto analyst Ali Martinez recently raised his price projection to $4,440, pointing to technical signals such as a bounce from a descending parallel channel. Meanwhile, trader Merlijn compared Ethereum’s recent price movements to gold’s breakout in 2024, suggesting a possible rally to $10,000. These viewpoints support BitMine’s investment thesis, which highlights Ethereum’s position as a “risk-on” asset that often moves in tandem with equities, as mentioned in the PR Newswire release.

BitMine’s assertive buying is part of a broader wave of institutional investment. The company’s combined crypto and cash assets now top $14.2 billion, including 192 BTC, an $88 million investment in Eightco Holdings (ORBS), and $305 million in unrestricted cash, according to Lookonchain. This financial foundation has boosted its stock, with BMNR shares averaging $1.5 billion in daily trading volume—placing it 46th among U.S. stocks, as noted in the PR Newswire release. Support from major backers like ARK’s Cathie Wood and Founders Fund further strengthens its capital strategy, according to the PR Newswire release.

The company’s achievements have been likened to pivotal moments in financial history, with Lee comparing the SEC’s Project Crypto to the end of the gold standard in 1971—a turning point for Wall Street’s evolution, as reported by PR Newswire. Still, BitMine’s approach faces obstacles such as market swings and regulatory ambiguity. Despite these headwinds, Lee remains optimistic, asserting that Ethereum’s core strengths are “uncorrelated” with stocks but benefit from a broader appetite for risk, as detailed in the PR Newswire release.

Now controlling 2.8% of the ETH supply, BitMine has crossed the halfway point toward its 5% target. Whether it can fully realize this goal will hinge on continued market stability and clearer regulations. For now, its aggressive accumulation and strategic alliances have established BitMine as a major force in Ethereum’s growing institutional ecosystem.