BITMINE RAMPS UP ETHER INVESTMENTS WITH $70 BUY DURING SLUMP
BitMine Immersion Technologies increased its Ether holdings during the latest market dip, buying nearly $70 million worth of ETH in just three days.
Data from Lookonchain shows the company purchased 7,080 ETH for about $19.8 million on Monday, after already buying 16,693 ETH worth around $50.1 million over the weekend.
This continued buying streak highlights BitMine’s strong confidence in Ethereum and its ongoing strategy to build one of the largest corporate ETH reserves in the industry.
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BitMine Bets on an ETH Supercycle Despite Current Losses
BitMine continues to increase its Ether holdings even though the company is currently sitting on paper losses. Industry trackers show BitMine now has one of the largest ETH treasuries in the market.
The company holds about 3.7 million ETH at an average price of $3,008 per token, meaning its position is below breakeven at today’s market levels. Despite this, BitMine says it is still committed to its long-term plan and has already reached 62% of its goal to control 5% of the total Ether supply.
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Executive Chair Tom Lee believes Ether may be entering the early phase of a strong growth cycle, similar to the one Bitcoin experienced starting in 2017. He noted that Bitcoin went through several major drops—some as deep as 75%—but still climbed more than 100x over the years.
Lee says the current Ether market shows the same type of early-stage volatility that often appears before major upside cycles. In his view, ETH’s recent weakness reflects market uncertainty, not a loss of long-term potential.
So far in 2025, Ether has lagged behind Bitcoin even as both hit new highs. ETH reached its all-time high of $4,946 in August, while Bitcoin rose above $126,000 in October.
BitMine Names Chi Tsang as CEO as ETH Holdings Surge
BitMine has announced a major leadership change as it continues to grow one of the largest Ether treasuries among publicly listed companies.
The firm revealed that Chi Tsang has taken over as CEO, replacing Jonathan Bates, with the change effective immediately.
Tsang said BitMine’s strong Ethereum position and reputation in both traditional finance and the crypto sector give it a solid foundation to become a leading digital financial institution.
Along with the CEO appointment, the company also added three new independent members to its board to support its next phase of expansion.
Meanwhile, Ethereum whales have quietly increased their holdings as ETH trades near $3,000—a trend analysts say often signals a potential market turning point.
According to CryptoQuant, wallets holding between 10,000 and 100,000 ETH have accumulated 7.6 million ETH since April, rising 52%, while smaller investors continue to reduce their holdings.
Conclusion
BitMine’s aggressive Ether accumulation shows the company is fully committed to Ethereum’s long-term growth, even during market volatility. With millions invested during the recent slump, strong leadership changes, and confidence from large ETH holders, BitMine is positioning itself as one of the biggest institutional players in the Ethereum ecosystem. Market uncertainty may continue, but the company believes this period could be the start of a major new cycle for ETH.
FAQs
1. Why is BitMine buying Ether during a market dip?
BitMine sees the downturn as a long-term opportunity to accumulate ETH at lower prices. The company believes current volatility is temporary and that Ethereum is entering a strong growth phase similar to Bitcoin’s past supercycles.
2. How much Ether did BitMine purchase recently?
In just three days, BitMine bought nearly $70 million worth of ETH. This includes 7,080 ETH on Monday and another 16,693 ETH over the weekend, showing strong confidence despite market pressure.
3. Is BitMine’s ETH position currently profitable?
No. BitMine holds about 3.7 million ETH at an average cost of $3,008 per token, putting the company in a paper-loss position. Still, it continues buying as part of its long-term strategy.
4. What is BitMine’s long-term Ether ownership goal?
BitMine aims to control 5% of the total ETH supply. So far, it has achieved about 62% of that target, making it one of the largest corporate holders of Ether.
5. Why did BitMine appoint a new CEO?
The company appointed Chi Tsang as CEO to guide its next phase of expansion and strengthen its position in the Ethereum ecosystem. The leadership change aligns with BitMine’s growing treasury and aggressive investment strategy.
