BitMine Buys $1.5B Ethereum After Crash Amid DAT Warning
BitMine Immersion Technologies has bought a total of 379,271 ETH, worth $1.5 billion, in three tranches following last weekend’s Ethereum market sell-off. This took BitMine’s holdings above 3 million ETH, equal to 2.5% of total supply and halfway to its 5% accumulation target set in July when Ethereum traded near $2,500. Fundstrat’s Tom Lee has also added $1.5 billion in ETH since the crash but cautioned that many digital asset treasuries (DATs) now trade at or below net asset value. Meanwhile, Huobi founder Li Lin is raising around $1 billion for an Ether treasury. Despite network strain and spiking gas fees during congestion, these large-scale purchases underscore institutional confidence in a rebound for Ethereum. BitMine’s aggressive accumulation amid DAT warnings could support a price recovery and influence market stability.
Bullish
BitMine’s large-scale purchase of 379,271 ETH and its now 3 million ETH treasury demonstrate strong institutional conviction in Ethereum’s recovery. Combined with Fundstrat’s and Li Lin’s accumulation strategies, this surge in demand could provide short-term price support following the market sell-off. Over the long term, these holdings underscore belief in Ethereum’s potential upside and could stabilize volatility as digital asset treasuries expand, making the overall outlook bullish for Ethereum.