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Tom Lee’s BitMine is shopping for the dip, snapping up $480 million value of Ethereum after the most recent market sell-off.
Lookonchain mentioned on X that six wallets linked to BitMine withdrew 128,718 ETH from FalconX and Kraken. The purchase adopted a flash crash triggered by US President Donald Trump’s announcement that he would slap extra 100% tariffs on China’s exports.
”It’s simpler for BitMine to realize the ‘alchemy of 5%’ at $3,800 ETH than $10,000 ETH,” mentioned BitMine, the biggest ETH treasury agency. ”PS: simply reality.”
FACT: It’s simpler for BitMine to realize ‘the alchemy of 5%’ at $3,800 ETH than $10,000 ETH
PS: only a reality
— Bitmine (NYSE-BMNR) $ETH (@BitMNR) October 11, 2025
BitMine Desires To Personal 5% Of ETH’s Provide
The most important altcoin by market cap had plunged as little as $3,504.32 from above $4k prior to now 48 hours, in line with knowledge from CoinMarketCap.
ETH value (Supply: CoinMarketCap)
ETH is now down greater than 16% over the previous week to commerce at $3,802.79 as of 1:08 a.m. EST.
Information from StrategicETHReserve exhibits BitMine holds round 2.83 million ETH value roughly $10.76 billion on its steadiness sheet. SharpLink Gaming has the second-largest ETH treasury with 838.7K ETH .
BitMine’s holdings account for two.34% of ETH’s complete provide, which is greater than half the agency’s aim to carry 5%.
BitMine Share Woes Proceed
BitMine’s ETH accumulation has been accompanied by a drop within the agency’s share value in current weeks.
That steepened on Friday, when its shares plummeted greater than 11%, in line with Google Finance. It’s down an extra 1% in after-hours buying and selling
BitMine share value (Supply: Google Finance)
Kerrisdale Capital mentioned this week that’s has shorted BitMine, calling the agency’s ETH treasury technique a ”relic.”
In a analysis be aware, Kerrisdale mentioned traders are higher off simply shopping for ETH straight.
This isn’t the primary report relating to a crypto firm from the short-seller. It has additionally guess in opposition to Riot Platforms and Michael Saylor’s Technique. Riot Platforms mentioned Kerrisdale’s feedback have been “unsound,” whereas Technique ignored it.
Regardless of the criticism, BitMine shares have soared greater than 671% over the previous six months.
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