BitMine’s large purchase and a series of public warnings have markets keeping a close eye on Ethereum this week. Big moves were made during the selloff, and companies and investors are now considering whether these purchases represent confidence or simply a bet on a recovery.
Large-scale accumulation continues
According to on-chain data from Arkham Intelligence and tracker “BMNR Bullz,” BitMine Immersion Technologies purchased 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.
The loot is reportedly worth nearly $1.5 billion. The purchases were not officially confirmed by BitMine, but the transfers were visible on public ledgers.
BitMine’s position and timing
BitMine reportedly has over 3 million ETH, which is about 2.5% of the total supply, and this supply was valued at about $11.7 billion at current prices.
🚨 MASSIVE ETHEREUM ACCUMULATION
Bitmine simply went ALL IN $ETH A total of 379,271 ETH ($1.48 billion) was collected during the decline! 👀
💰 +72,898 ETH ($281 million) yesterday’s decline
💰 +104,336 ETH (417 million USD) 3 days ago
💰 +202,037 ETH after weekend crashTom Lee wasn’t kidding when he said… pic.twitter.com/oiyhLO79wk
— BMNR Bullz (@BMNRBullz) October 18, 2025
The company reportedly set a goal of reaching 5% of supply and only began building treasuries in early July, when Ether was close to $2,500.
Fundstrat’s Tom Lee has also been buying – he said he has bought $1.5 billion worth of Ether since the market crash – signaling that some big players see long-term upside.
Questions have been asked about DAT pricing
Lee reportedly warned that the hype surrounding digital asset treasuries (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 trading near or below net asset value. This has led investors to question whether the trading drops are due to ongoing problems or a brief market decline.
Huobi founder Li Lin is reportedly raising around $1 billion to put into an Ether treasury, showing that some firms still want exposure despite the favorable trading levels.
Optimistic views meet market stress
According to Lee, Ethereum could “flip” Bitcoin in a way that he compared to the way Wall Street and stocks overtook gold after 1971. He also warned that investors are still “licking their wounds” from a record leverage flush.
Markets are down 15% from the Oct. 7 high, while gold is down about 3% from its peak. These steps determine where large holders place their bets.
Over the weekend I experienced something that every crypto investor should pay attention to. Ethereum, the world’s largest blockchain, was overloaded and fees rose to over $1,000 just for processing small transactions. That’s like paying a thousand dollar toll to drive on a single lane road… pic.twitter.com/m9o1sRUQE0
— Kevin O’Leary aka Mr. Wonderful (@kevinolearytv) October 16, 2025
Network load
Meanwhile, Kevin O’Leary raised the alarm about Ethereum’s congestion after fees skyrocketed during the sell-off, based on social media posts and blockchain data.
He wrote that simple transactions briefly incurred fees of up to $1,000, highlighting the limitations of dealing with sudden demand.
Etherscan data showed that average daily gas prices hit a nine-month high last Friday, which was confirmed by market observers.
Featured image from Unsplash, chart from TradingView
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