BitMine Becomes Largest Ethereum Holder with $12.35 Billion Purchase, Signaling Strong Institutional Confidence
October 11, 2025
The company's continued accumulation indicates a strategic move to capitalize on Ethereum's expanding role in blockchain-based financial opportunities.
This downturn is part of a wider market correction, with Ethereum's price dropping to approximately $4,384 and BitMine's stock falling slightly to $59.10, highlighting ongoing market volatility.
Ethereum's price has declined over 2% in the past 24 hours, trading around $4,349, down from a peak near $4,954 in late August, reflecting a broader market retracement of over 12% from its all-time high.
Ethereum's versatility in enabling decentralized applications and enterprise solutions underpins its appeal beyond mere price movements, making it a vital asset for institutional and corporate adoption.
Tom Lee emphasizes Ethereum's fundamental strength and its crucial role in blockchain adoption, asserting that short-term volatility does not diminish its long-term value.
BitMine, led by Tom Lee's Immersion Technologies, has purchased approximately 2.85 million ETH worth around $12.35 billion, making it the largest corporate holder of Ethereum globally and signaling strong institutional confidence in the asset.
Market analysts suggest that large institutional investments like BitMine's could inspire other funds to increase their Ethereum holdings, potentially boosting demand and liquidity.
This sizable acquisition underscores how major investors view Ethereum as a resilient asset with growth potential through staking, DeFi, and appreciation, positioning BitMine as a key player in the Ethereum ecosystem.
Ethereum remains a central platform for blockchain innovation, with recent upgrades reducing gas fees and bolstering its DeFi ecosystem, which continues to attract institutional investors.
Despite recent declines, analysts from Fundstrat, where Tom Lee is CIO, predict Ethereum could surge to $5,500 soon, expecting a technical rally and a potential 26% increase after bottoming out.
Kerrisdale Capital has taken a short position against BitMine, criticizing its strategy of selling shares to buy ETH as outdated, and noting that the company's share issuance has led to investor fatigue and a narrowing valuation.
The ETH purchase was made from a BitGo wallet linked to the address '0xF8c338E7,' indicating a significant reserve buildup despite the company's lack of official confirmation.
Summary based on 3 sources
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Sources

Live Bitcoin News • Oct 10, 2025
Ethereum News Today: BitMine Increases Treasury Holdings by $104 Million in ETH
InsideBitcoins.com • Oct 10, 2025
Tom Lee’s BitMine Adds $103.6M ETH As Fundstrat Predicts Surge To $5.5K
Coinfomania • Oct 10, 2025
Bitmine Makes a Massive Move with $103.68 Million Ethereum Purchase