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BitMine's big buy: $1.5 billion in Ether after the crash
BitMine Immersion Technologies has quietly added roughly 379,271 ETH — about $1.5 billion at recent prices — to its treasury since last weekend’s market liquidation event. Onchain trackers, including Arkham Intelligence and the BMNR Bullz monitor, show three large purchases: 202,037 ETH immediately after the crash, 104,336 ETH on the following Thursday, and a final tranche of 72,898 ETH on Saturday. BitMine has not publicly confirmed the transactions, but onchain data paints a consistent accumulation pattern.
Where BitMine stands in the Ether treasury landscape
With these buys, BitMine remains the largest Ether treasury holder in the market. Its balance now exceeds 3 million ETH — roughly 2.5% of total supply and an estimated $11.7 billion, based on prevailing ETH prices. The firm has stated a goal of reaching 5% of circulating supply and only began materially accumulating ETH in early July when prices were near $2,500. The pace of accumulation underscores institutional interest in Ethereum and highlights treasuries as an emerging strategy for long-term exposure to ETH.
Tom Lee: bullish on Ethereum despite DAT concerns
Fundstrat’s Tom Lee has repeated his constructive outlook on Ethereum, telling ARK Invest CEO Cathie Wood that Ethereum could “flip Bitcoin” in a similar structural shift to how equities displaced gold after 1971. Yet Lee has also voiced concern that hype around digital asset treasuries (DATs) might have peaked. He noted to Fortune that several DATs are trading at or below their net asset value (NAV), calling it evidence that the DAT bubble could be deflating.
DATs, NAVs and the hunt for alpha
Research firm 10x Research echoed the NAV concerns, reporting that some prominent DATs, including Metaplanet and Strategy, traded near or under NAV over the weekend. Still, analysts emphasize that DATs with strong capital reserves and experienced managers can continue to generate alpha through savvy treasury management. The contrasting signals — aggressive ETH buying by major treasuries versus NAV compression across some DATs — illustrate a market in rotation, not outright collapse.
Market context: leverage flush, gold performance and investor sentiment
Lee told CNBC that the market is still digesting a record leverage flush and that some of the capital flow into gold this year — what he called a measure of “gold envy” — has temporarily diverted capital away from crypto. Leveraged long positions in crypto are reportedly near historic lows, which Lee interprets as a cyclical bottom and a setup for recovery rather than the end of the crypto cycle. Crypto markets remain below their October highs, while gold has seen exceptional performance this year.
Who else is positioning in Ether?
Beyond BitMine, major industry figures are making moves on Ether exposure. Huobi founder Li Lin is reportedly raising roughly $1 billion to back an Ether-focused treasury strategy, signaling broader institutional appetite for ETH treasuries. For market participants, the mix of aggressive accumulation by large treasuries and NAV-based pressure on some funds means opportunities and risks coexist: long-term ETH holders and treasury strategists are positioning through volatility, while fund-level pricing metrics will likely drive consolidation and manager differentiation.
The recent activity underscores Ether’s central role in institutional crypto strategy: onchain accumulation, treasury management, and broader macro rotations between crypto and traditional safe havens will shape price action and the evolution of digital asset treasuries in the months ahead.
Source: cointelegraph
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