Bitmine Buys $480 Million in Ethereum After Market Crash
Bitmine Immersion Technologies purchased 128,718 Ethereum (ETH) worth about $480 million. This happened shortly after the crypto market crash in October 2025. The purchase is part of Bitmine’s strategy to buy assets during market downturns.
On-chain analytics firm Lookonchain reported that Bitmine bought ETH from FalconX and Kraken exchanges. The company used six new wallets likely linked to Bitmine for these transactions. This confirms their buy-the-dip approach amid falling prices.
Bitmine Now Holds Nearly 3 Million ETH
Before this purchase, Bitmine already held over 2.83 million ETH. The new acquisition brings their total Ethereum holdings to about 2.96 million ETH. This amount equals nearly 2.5% of the entire Ethereum supply.
Bitmine is now the largest public company holding Ethereum. It also has one of the biggest crypto treasuries overall, second only to MicroStrategy, according to CoinGecko data.
Market Crash and Recovery
The crash followed U.S. President Donald Trump’s surprise announcement of 100% tariffs on Chinese software imports and restrictions on rare earth exports. During the U.S. trading session, Bitcoin dropped 13% and Ethereum fell 20%, wiping out billions in leveraged positions.
Liquidity dried up for many traders, but Bitmine bought ETH at lows near $3,728. After the crash, the crypto market rebounded. At the time of writing, Bitcoin traded at $114,777 with a 24-hour volume of $91.77 billion, up 2.86%. Ethereum traded at $4,132.89 with a 24-hour volume of $59.66 billion, up 8.67%, according to CoinMarketCap.
Bitmine’s buy-the-dip strategy strengthens its treasury and may help stabilize prices. This move shows that some institutional investors see opportunity in market volatility rather than risk.
