Tom Lee’s Ether treasury firm has been aggressively buying the dip since the market crash earlier this month.
BitMine Immersion Technologies has made its fourth purchase of Ether since the record liquidity flush on October 10.
The company scooped up $250 million in ETH from Bitgo and Kraken on Monday, according to Arkham Intelligence which said “These accounts match Bitmine’s prior acquisition pattern.”
“Will Tom Lee ever stop buying?”
3.2 Million ETH Holdings
The wallets purchased 63,538 ETH this week and a whopping 379,271 ETH last week. This brings the total to 442,809 ETH worth around $1.74 billion at current prices purchased since the market crash.
This aggressive dip buying, which Bitcoin treasurys have not replicated, has pushed BitMine’s total to around 3.17 million ETH, but the company has yet to confirm the most recent purchases officially.
This would give it around 2.6% of the entire supply of the asset, and over 50% towards its target of 5%.
🚀 From 163,000 ETH to 3.24 MILLION ETH in just 3 months. 🤯
Bitmine’s accumulation is historic, week after week, they’ve been loading the bags nonstop:
July 14 — 163K
Aug 10 — 1.15M
Sept 14 — 2.15M
Oct 19 — 3.24M 🔥
At this pace, they’re on track to control 5% of all $ETH in… pic.twitter.com/skfLh9vQAi
— BMNR Bullz (@BMNRBullz) October 20, 2025
BitMine chairman Tom Lee is confident that this is not the top of the crypto cycle. “So I think we’re at the basement and working our way back up,” he told CNBC on Friday.
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Lee has also recently stated that BitMine is preparing to roll out its own Ethereum staking solution very soon.
Coinbase is also bullish about fourth quarter momentum for crypto markets and the influence of digital asset treasurys (DATs).
“Looking at the supply/demand picture, it’s hard to overstate the impact that digital asset treasury companies have had on markets this year,” wrote David Duong, head of research at Coinbase Institutional, in a recent research paper.
Ether Prices Retreat
The same crypto market pattern has playing out daily: Asia pumps markets with buying, and America dumps with selling, preventing any sustained upward momentum.
As a result, Ether prices have fallen back below $4,000 again. ETH hit an intraday high of $4,080 in early trading on Monday, but sustained selling pressure on the US timezone pushed it back down to $3,940 where it currently trades.
The asset has only seen a marginal recovery from its double dip in October and needs to clear $4,000, and stay above it, to see any real progress.
Ethereum’s weekly chart is “loading a monster move” with a double retest of the exponential moving average, observed analyst ‘Merlijn the Trader” who added that it pumped 70% last time this was seen.
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