BitMine Buys 202K ETH in Market Panic

In the middle of a market crash weekend, BitMine invested 827 million dollars to acquire more than 200,000 ETH. The company now holds 2.5 % of the total Ethereum supply, confirming its position as the leading institutional player on the asset. In a context of massive liquidations, this targeted move reflects a conscious long-term accumulation strategy.

A record operation in a tense market

While the crypto market experienced a violent correction, BitMine took advantage of the situation to acquire 202,037 ETH.

“The market crash created a price opportunity that BitMine was able to seize”, stated Tom Lee, chairman of BitMine and research director at Fundstrat.

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BitMine provided its latest holdings update for Oct 13, 2025:

$12.9 billion in total crypto + "moonshots":

– 3,032,188 ETH at $4,154 per ETH (Bloomberg)
– 192 Bitcoin (BTC)
– $135 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”) and
– unencumbered…

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) October 13, 2025

This transaction, valued at 827 million dollars, was conducted at an average price of $4,154 per Ether, according to an official announcement published on X. The company thus exceeds 3 million ETH held, representing now about 2.5 % of the total Ethereum supply.

This move fits into a conscious strategy of aggressive reinforcement during a downturn. BitMine now holds a global reserve of 13.4 billion dollars, including :

• 12.9 billion dollars in cryptos ;
• 192 BTC, complementing its Ethereum position ;
• 104 million dollars in available cash ;
• 135 million dollars stake in Eightco Holdings, a Nasdaq-listed company.

Rather than giving in to panic, BitMine consolidated its position by capitalizing on temporarily undervalued prices, according to its own market interpretation. The operation reflects a strong confidence in the long-term solidity of the Ethereum network, and might set a precedent for other institutional players.

A conscious strategy and mixed signals

Behind this spectacular move, BitMine embraces a long-term strategy. “We are now over halfway to our initial goal of 5% of the total ETH supply”, announced Tom Lee.

The company pursues what it calls “the alchemy of 5 %”, an initiative aiming to capture a significant share of the Ethereum network in its strategic assets. According to Lee, “volatility creates deleveraging, which pushes assets to trade at levels far below their fundamentals, or as we say, at a substantial discount on the future”. This stance sharply contrasts with short-term traders and could serve as an example for other corporate treasuries still hesitant about crypto exposure.

However, although BMNR’s trading volumes show strong stock market interest, it ranked as the 22nd most traded stock in the United States last Friday, with an average of 3.5 billion dollars over five days.

Indeed, BMNR fell 11 % for the week, a decline coinciding with the publication of a short position by Kerrisdale Capital. The fund severely criticizes BitMine’s business model, even calling it “endangered”. This tense climate highlights the gap between BitMine’s long-term vision and the persistent doubts of some traditional investors.

By making a massive buyback amid market panic, BitMine shows a conviction-based strategy in a sector often driven by emotion. The scale of the move raises as many questions as it fascinates. Between a partial centralization ambition and a long-term bet, BitMine forces competitors’ hands and could well redefine the institutional role as Ethereum just rebounded to $4500 after the crash.