- Ethereum price shows sustainability above the 100- and 200-day exponential moving averages, indicating that the long-term outlook is bullish.
- BitMine accumulated 202,037 ETH tokens amid the market dip, expanding its Ethereum crypto reserves to 3.03 coins, or 2.5% of the total supply.
- ETH’s fear and greed restored to 65% indicates a sharp bullish shift in market sentiment.
On October 10th, the Ethereum price jumped over 1.52% to currently trade at $4,230. The buying pressure came as a relief rally after a sharp sell-off last Friday, which triggered the largest liquidation in crypto history. While the sudden pullback created panic among retail investors, institutional investors took advantage of the discounted prices. As the price tested the $3,500 level, the Ethereum treasury firm BitMine Immersion increased its crypto holdings by purchasing 202,037 ETH tokens, projecting its confidence in this asset despite significant volatility in the market.
BitMine Now Controls More than 2.5% of total ETH Supply
BitMine Immersion Technologies announced a massive increase in its crypto reserves, exceeding 3.03 million Ethereum (ETH), positioning the company as the owner of approximately 2.5% of the total ETH supply. Its combined crypto, cash, and equity assets are now worth $13.4 billion as of October 12, 2025.
The company’s revised balance sheet shows 192 Bitcoins (BTC), an investment in Eightco Holdings (NASDAQ: ORBS) of $135 million under the heading “moonshots,” and a $104 million cash balance. With these holdings, BitMine now claims to have the largest Ethereum treasury in the world and the second-largest overall crypto treasury, next to MicroStrategy (a company that focuses on Bitcoin and not Ethereum).
Chairman Thomas “Tom” Lee wrote that the firm used recent volatility to build up an Ethereum position. To summarize, Lee stated, “The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of. We acquired 202,037 ETH tokens over the past few days, pushing our ETH holdings to over 3 million, or 2.5% of the supply of ETH.”
Institutional Support and Trading Surge
BitMine continues to gain support from some of the most established names in finance and digital assets, including ARK Invest of Cathie Wood, Founders Fund, Pantera Capital, Kraken, Galaxy Digital, DCG, Bill Miller III, and individual investor Tom Lee.
In addition to its growing portfolio, the company’s stock has become one of the most active in the U.S. Fundstrat data shows an average of $3.5 billion traded daily over the past five days, ranking BitMine the 22nd most-traded U.S.-listed equity, between Coinbase and UnitedHealth. When taken together, BitMine and MicroStrategy currently account for 88% of global digital asset treasury trading volume, showing that they really dominate public market crypto exposure.
The Ethereum “Supercycle”
In Lee’s October Chairman’s Message, which includes his keynote from Token2049 in Singapore, he outlines a thesis for what he refers to as an Ethereum Supercycle – a period where the fundamentals of ETH improve with growing demand in AI and traditional finance. “Volatility creates deleveraging, and this can cause assets to trade at substantial discounts to fundamentals, or as we say, ‘substantial discount to the future,’ and this creates advantages for investors, at the expense of traders,” he added.
BitMine likened the current change in digital finance to the collapse of the Bretton Woods system in 1971, indicating that the GENIUS Act and the SEC’s Project Crypto could have a transformative impact on the current financial ecosystem in a similar manner. Lee highlighted the company’s ongoing goal to possess the “alchemy of “5%”—five percent of the total Ethereum token supply.
By press time, the Ethereum price trades at $4,230 and shows a renewed recovery move since last weekend.
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