BitMine buys $417M in Ethereum during market crash
Investment firm BitMine Immersion Technologies purchased 104,336 ETH (about $417 million) as part of its expanding corporate Ethereum treasury.
The purchase occurred during a market flash crash, when ETH dropped 8.7% over the week to $4,028, allowing BitMine to buy the dip. The company now holds 3.03 million ETH worth about $12.2 billion, making it the largest corporate holder of Ethereum and the world’s second-largest crypto treasury after Michael Saylor’s Strategy.
The funds were transferred to three new company wallets through Kraken and BitGo, as confirmed by on-chain data.
BitMine CEO and Fundstrat co-founder Tom Lee said the firm aims to accumulate 5% of Ethereum’s total supply, viewing the network as “truly neutral.” Speaking at Korea Blockchain Week, Lee noted that both Wall Street and the White House regard Ethereum as the leading infrastructure for tokenized assets and autonomous financial systems.
According to Lee, Ethereum provides institutional neutrality: unlike centralized networks, it isn’t controlled by any single entity, making it an ideal foundation for corporate applications, AI services, and tokenized markets.
BitMine also expects growing institutional demand for ETH following policy signals from Washington, where officials are reportedly discussing identity and security frameworks built on Ethereum.
Amid the year’s sharpest market correction, BitMine’s move highlights continued institutional confidence in Ethereum’s long-term potential despite short-term volatility.
