BitMine Deepens Ethereum Holdings with $1.5 Billion Post-Crash Acquisition

BitMine Immersion Technologies has significantly expanded its Ethereum holdings, acquiring roughly $1.5 billion worth of ETH in the days following last weekend’s market crash. The move underscores the company’s long-term commitment to Ethereum despite the recent wave of volatility that swept through global crypto markets.

Data from Arkham Intelligence shows that BitMine purchased a total of 379,271 ETH across three separate transactions: 202,037 ETH immediately after the crash, followed by 104,336 ETH on Thursday and another 72,898 ETH on Saturday. Although the company has yet to release an official statement, tracking platform BMNR Bullz confirmed the acquisitions, which collectively position BitMine as one of the most aggressive Ethereum accumulators in the market.

With its latest purchase, BitMine now holds more than three million ETH—about 2.5% of Ethereum’s total circulating supply—valued at approximately $11.7 billion. The firm’s stated goal is to reach ownership of 5% of all existing Ethereum, a milestone it hopes to achieve by continuing steady accumulation through 2026. BitMine began building its ETH reserves in July 2025, when the cryptocurrency traded around $2,500.

The timing of this latest accumulation coincides with growing investor caution following a widespread liquidation event that erased billions in market value. Yet, some analysts view BitMine’s bold strategy as a signal of renewed confidence in Ethereum’s long-term potential.

Fundstrat’s Tom Lee echoed that optimism in a recent interview with ARK Invest’s Cathie Wood, suggesting that Ethereum could eventually “flip” Bitcoin in market dominance. “Ethereum could flip Bitcoin, similar to how Wall Street and equities flipped gold post-1971,” Lee said. He reiterated his forecast that ETH could trade between $10,000 and $12,000 by year’s end, even after the recent crash.

Lee also acknowledged the current slowdown in digital asset treasuries, which he described as trading “below their net asset value.” However, he argued that this downturn represents a cooling period rather than the end of institutional interest in crypto. “If that’s not already a bubble burst, how would that bubble burst?” he asked, maintaining that aggressive accumulation remains a rational move for firms with long-term capital.

A recent report by 10x Research confirmed that major digital asset treasuries, such as Metaplanet and Strategy, were trading near or below their net asset value but noted that entities with robust financial foundations could still outperform through active portfolio management. Meanwhile, Huobi founder Li Lin reportedly raised $1 billion to launch a new Ethereum-focused investment vehicle—another sign that institutional interest in ETH remains strong.

As markets continue to recover, Lee believes that crypto leverage levels have reached historical lows, setting the stage for a gradual rebound. “This is not the top of the crypto cycle,” he said. “We’re at the basement and working our way back up.”