BitMine’s large buy and a string of public warnings have left markets watching Ethereum closely this week. Big moves were made during the sell-off, and firms and investors are now weighing whether those buys mean confidence or simply a bet on a rebound.
Large Scale Accumulation Continues
According to onchain data from Arkham Intelligence and the tracker ‘BMNR Bullz’, BitMine Immersion Technologies bought a total 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.
Reports have disclosed the haul is worth almost $1.5 billion. The purchases have not been officially confirmed by BitMine, but the transfers were visible on public ledgers.
BitMine’s Position And Timing
BitMine is reported to hold more than 3 million ETH, which equates to about 2.5% of the entire supply, and that stash was valued at roughly $11.7 billion at recent prices.
MASSIVE ETHEREUM ACCUMULATION
Bitmine just went ALL IN on $ETH scooping up a total of 379,271 ETH ($1.48B) during the dip!
+72,898 ETH ($281M) yesterday’s dip
Tom Lee wasn’t joking when he said… pic.twitter.com/oiyhLO79wk
— BMNR Bullz (@BMNRBullz) October 18, 2025
Based on reports, the firm has set a goal of reaching 5% of supply and only began building the treasury in early July when Ether was near $2,500.
Tom Lee of Fundstrat has also been buying — he said he purchased $1.5 billion worth of Ether since the market crash — signaling that some large players see long-term upside.
Questions Raised About DAT Pricing
Reports say Lee warned that the hype around digital asset treasuries, or DATs, may be fading, with many DATs trading at or below their net asset value (NAV).
Research firm 10x Research reported that several major DATs were near or under NAV. That has led investors to ask whether the trading discounts reflect lasting trouble or a brief market reset.
Huobi founder Li Lin is reportedly raising about $1 billion to put into an Ether treasury, which shows some firms still want exposure despite the cheap trading levels.
Bullish Views Meet Market Stress
According to Lee, Ethereum could “flip” Bitcoin in a way he compared to how Wall Street and equities overtook gold after 1971. He also warned investors are still “licking their wounds” from a record leverage flush.
Markets are down 15% from the October 7 high, while gold has eased about 3% from its peak. Those moves are shaping where big holders place their bets.
Over the weekend I witnessed something every crypto investor should pay attention to. Ethereum, the largest blockchain in the world, got congested and fees skyrocketed past $1,000 just to process small transactions. That’s like paying a thousand-dollar toll to drive on a one-lane… pic.twitter.com/m9o1sRUQE0
— Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) October 16, 2025
Network Strain
Meanwhile, based on social posts and blockchain data, Kevin O’Leary sounded the alarm about congestion on Ethereum after fees spiked during the sell-off.
He wrote that simple transactions briefly carried fees of as much as $1,000, calling attention to limits in handling sudden demand.
Etherscan data showed average daily gas prices hit a nine-month high last Friday, which was confirmed by market trackers.
Featured image from Unsplash, chart from TradingView
