{"id":54278,"date":"2025-10-16T10:27:18","date_gmt":"2025-10-16T07:27:18","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=54278"},"modified":"2025-10-16T10:27:18","modified_gmt":"2025-10-16T07:27:18","slug":"bitmine-417m-eth-purchase","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitmine-417m-eth-purchase\/","title":{"rendered":"BitMine Buys 104K ETH After 20% Ethereum Drop!"},"content":{"rendered":"<p data-start=\"377\" data-end=\"683\"><a href=\"https:\/\/coinengineer.net\/blog\/bitmine-continues-buying-eth-despite-losses\/\"><strong>Ethereum<\/strong><\/a> (ETH) has fallen 20% from its August peak, but digital asset giant <strong>BitMine<\/strong> appears to be buying the dip. Onchain data shows that the company purchased 104,336 ETH worth about $417 million on Thursday. With this move, BitMine\u2019s treasury now holds over 2.5% of the total Ethereum supply.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/bitmine-417m-eth-purchase\/#BitMine_Adds_104K_ETH_Amid_Market_Weakness\" title=\"BitMine Adds 104K ETH Amid Market Weakness\">BitMine Adds 104K ETH Amid Market Weakness<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/bitmine-417m-eth-purchase\/#Treasury_Surpasses_3_Million_ETH\" title=\"Treasury Surpasses 3 Million ETH\">Treasury Surpasses 3 Million ETH<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/bitmine-417m-eth-purchase\/#ETH_Price_Outlook_and_Analyst_Expectations\" title=\"ETH Price Outlook and Analyst Expectations\">ETH Price Outlook and Analyst Expectations<\/a><\/li><\/ul><\/nav><\/div>\n<h3 data-start=\"685\" data-end=\"735\"><span class=\"ez-toc-section\" id=\"BitMine_Adds_104K_ETH_Amid_Market_Weakness\"><\/span>BitMine Adds 104K ETH Amid Market Weakness<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"736\" data-end=\"1150\">Led by Tom Lee, BitMine Immersion Technologies treated the recent price correction as a strategic opportunity. According to Lookonchain, three new wallets accumulated assets from Kraken and BitGo within the past seven hours.<\/p>\n<p data-start=\"736\" data-end=\"1150\">Blockchain intelligence firm Arkham confirmed that each wallet bought roughly $75 million worth of ETH, matching BitMine\u2019s previous buying patterns on BitGo.<\/p>\n<p data-start=\"1152\" data-end=\"1308\">Although BitMine has not yet publicly confirmed the transactions, the similarity of wallet activity has once again drawn attention from the crypto market.<\/p>\n<h3 data-start=\"1310\" data-end=\"1350\"><span class=\"ez-toc-section\" id=\"Treasury_Surpasses_3_Million_ETH\"><\/span>Treasury Surpasses 3 Million ETH<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"1351\" data-end=\"1629\">Earlier this week, BitMine also disclosed another large accumulation \u2014 202,037 ETH purchased during the recent market dip. At that time, Tom Lee stated: \u201cThe crypto liquidation over the past few days pushed ETH prices lower, and BitMine took advantage of this pullback.\u201d<\/p>\n<p data-start=\"1631\" data-end=\"1920\">BitMine\u2019s total treasury has now surpassed 3 million ETH, representing half of all Ethereum held by public corporate treasuries. According to StrategicEthReserve, the combined corporate ETH reserves have reached 5.9 million ETH, valued at approximately $23.7 billion.<\/p>\n<h3 data-start=\"1922\" data-end=\"1972\"><span class=\"ez-toc-section\" id=\"ETH_Price_Outlook_and_Analyst_Expectations\"><\/span>ETH Price Outlook and Analyst Expectations<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"1973\" data-end=\"2165\">ETH briefly dropped to $3,945 on Wednesday night, marking a 20% decline from its all-time high of $4,946. At press time, it had slightly recovered, trading just above $4,000.<\/p>\n<p data-start=\"2167\" data-end=\"2359\">Despite the decline, analysts remain optimistic. Tom Lee and BitMEX co-founder Arthur Hayes both reiterated their predictions that Ethereum could reach $10,000 by year\u2019s end.<\/p>\n<p data-start=\"2361\" data-end=\"2685\">Crypto analyst Rekt Fencer commented, \u201cEthereum is mirroring Bitcoin\u2019s 2020\u20132021 market structure,\u201d adding that \u201c$15,000 ETH is still on the table this cycle.\u201d Meanwhile, Crypto Bullet compared Bitcoin\u2019s 2024 chart patterns to Ether\u2019s 2025 structure, suggesting ETH could reach $6,000\u2013$7,000 later this year.<\/p>\n<p data-start=\"2687\" data-end=\"2823\">Institutional accumulation continues to strengthen market confidence as major digital asset treasuries like BitMine keep buying the dip.<\/p>\n<p data-start=\"2687\" data-end=\"2823\"><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Telegram,\u00a0<\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">YouTube<\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\">Twitter<\/a>\u00a0channels for the latest\u00a0<a title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\">news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum (ETH) has fallen 20% from its August peak, but digital asset giant BitMine appears to be buying the dip. Onchain data shows that the company purchased 104,336 ETH worth about $417 million on Thursday. With this move, BitMine\u2019s treasury now holds over 2.5% of the total Ethereum supply. BitMine Adds 104K ETH Amid Market<\/p>\n","protected":false},"author":36,"featured_media":47692,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[2545,21775,12283,840,843,105,7650,3156,3609],"class_list":["post-54278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-arthur-hayes","tag-bitmine","tag-blockchain-analysis","tag-crypto-market","tag-eth-price","tag-ethereum","tag-institutional-investment","tag-onchain-data","tag-tom-lee"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BitMine Buys 104K ETH After 20% Ethereum Drop! - Coin Engineer<\/title>\n<meta name=\"description\" content=\"BitMine buys the ETH dip with a $417M purchase as Ethereum drops 20%, raising its treasury to over 2.5% of the total ETH supply.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitmine-417m-eth-purchase\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BitMine Buys 104K ETH After 20% Ethereum Drop! 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