{"id":89947,"date":"2025-10-16T10:35:47","date_gmt":"2025-10-16T07:35:47","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=89947"},"modified":"2025-10-16T10:41:04","modified_gmt":"2025-10-16T07:41:04","slug":"bitmine-seizes-market-dip-to-acquire-417-million-in-ethereum","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitmine-seizes-market-dip-to-acquire-417-million-in-ethereum\/","title":{"rendered":"BitMine Seizes Market Dip to Acquire $417 Million in Ethereum"},"content":{"rendered":"<p>BitMine Immersion Technologies has bolstered its reserves with an acquisition of 104,336 ETH valued at $417 million, according to analysts at Lookonchain citing Arkham data.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It looks like Bitmine(<a href=\"https:\/\/twitter.com\/BitMNR?ref_src=twsrc%5Etfw\">@BitMNR<\/a>) just bought another 104,336 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a>($417M).<\/p>\n<p>Over the past 7 hours, 3 new wallets received 104,336 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a>($417M) from <a href=\"https:\/\/twitter.com\/hashtag\/Kraken?src=hash&#038;ref_src=twsrc%5Etfw\">#Kraken<\/a> and <a href=\"https:\/\/twitter.com\/hashtag\/BitGo?src=hash&#038;ref_src=twsrc%5Etfw\">#BitGo<\/a>.<\/p>\n<p>Despite the crypto market crash, Tom Lee still predicts <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a> will hit $10K by year-end.<a href=\"https:\/\/t.co\/KewyZ4cAeP\">https:\/\/t.co\/KewyZ4cAeP<\/a>\u2026 <a href=\"https:\/\/t.co\/Vn5b9ijP2Z\">pic.twitter.com\/Vn5b9ijP2Z<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1978631764110451155?ref_src=twsrc%5Etfw\">October 16, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The funds were transferred to three new addresses through seven transactions from wallets belonging to the Kraken exchange and custodian BitGo. BitMine has not officially confirmed the transaction.<\/p>\n<p>Currently, the company holds 3.03 million ETH worth $12.18 billion, making it the largest corporate holder of Ethereum. The firm is led by Fundstrat co-founder Tom Lee.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"281\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-44b8d24d6a4d1f79-6992551955682598-1024x281.png\" alt=\"\u0421\u043d\u0438\u043c\u043e\u043a \u044d\u043a\u0440\u0430\u043d\u0430 2025-10-16 094852\" class=\"wp-image-267632\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-44b8d24d6a4d1f79-6992551955682598-1024x281.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-44b8d24d6a4d1f79-6992551955682598-300x82.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-44b8d24d6a4d1f79-6992551955682598-768x211.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-44b8d24d6a4d1f79-6992551955682598.png 1481w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Top 10 largest Ethereum holders among public companies. Source: <a href=\"https:\/\/www.strategicethreserve.xyz\/\">Strategic ETH Reserve<\/a>.<\/figcaption><\/figure>\n<p>The head of BitMine has consistently supported the second-largest cryptocurrency by market capitalization. In a recent CNBC interview, he <a href=\"https:\/\/forklog.com\/en\/news\/tom-lee-predicts-a-grand-rally-for-bitcoin-and-ethereum-in-the-fourth-quarter\">predicted<\/a> a &#8220;grand rally&#8221; for Bitcoin and Ethereum in the fourth quarter.<\/p>\n<h2 class=\"wp-block-heading\">Market Conditions<\/h2>\n<p>The $417 million purchase occurred amid a market correction. Over the past seven days, Ethereum&#8217;s price has fallen by 9.7% to $4036. The asset is trading 18.6% below its all-time high, according to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/ethereum\">CoinGecko<\/a>.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"630\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-b64f1729915a49f3-6992668930425215-1024x630.png\" alt=\"ETHUSDT_2025-10-16_09-56-48\" class=\"wp-image-267633\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-b64f1729915a49f3-6992668930425215-1024x630.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-b64f1729915a49f3-6992668930425215-300x184.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-b64f1729915a49f3-6992668930425215-768x472.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-b64f1729915a49f3-6992668930425215.png 1428w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">15-minute ETH\/USDT chart from Binance. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BINANCE%3AETHUSDT\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>Analysts note that despite the recent <a href=\"https:\/\/forklog.com\/en\/news\/black-saturday-11-october-what-happened\">wave of liquidations<\/a>, the market&#8217;s fundamental indicators remain robust, laying the groundwork for further growth.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Crypto evangelists have suffered\u2014they believe so strongly in cryptocurrency as an investment asset that they speculate using leverage. These individuals are not going anywhere,&#8221;<\/em> <a href=\"https:\/\/www.theblock.co\/post\/374878\/bitmine-adds-417-million-ethereum\"><em>remarked<\/em><\/a><em> Wincent&#8217;s senior director Paul Howard.<\/em><\/p>\n<\/blockquote>\n<p>Earlier, on October 13, BitMine acquired 202,037 ETH at a discount, taking advantage of the downturn in the digital asset sector.\u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BitMine Immersion Technologies has bolstered its reserves with an acquisition of 104,336 ETH valued at $417 million.<\/p>\n","protected":false},"author":1,"featured_media":89948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"BitMine acquires $417M in Ethereum amid market dip.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[46,1473],"class_list":["post-89947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ethereum","tag-reserve-currencies"],"aioseo_notices":[],"amp_enabled":true,"views":"232","promo_type":"1","layout_type":"1","short_excerpt":"BitMine acquires $417M in Ethereum amid market dip.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/89947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=89947"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/89947\/revisions"}],"predecessor-version":[{"id":89949,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/89947\/revisions\/89949"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/89948"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=89947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=89947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=89947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}