BitMine is buying the dip again and has added $1.48 billion in ETH since the crash

BitMine, the world’s largest Ethereum holding company, purchased an additional $281 million worth of ETH yesterday, bringing its total purchases to $1.48 billion since the October 10 flash crash.

According to to account X “BMNR Bullz”, BitMine purchased Another 72,898 ETH for $281 million yesterday, and a a total of 379,271 ETH in three separate purchases since the record $19 billion in liquidations during the crash earlier this month.

🚨 MASS ACCUMULATION OF ETHEREUM

Bitmine just went ALL IN $ETH raising a total of 379,271 ETH ($1.48 billion) during the dip! 👀

💰 +72,898 ETH ($281 million) drop from yesterday
💰 +104,336 ETH ($417 million) 3 days ago
💰 +202,037 ETH after weekend crash

Tom Lee wasn’t kidding when he said… pic.twitter.com/oiyhLO79wk

-BMNR Bullz (@BMNRBullz) October 18, 2025

BitMine purchased 104,336 ETH for around $471 million three days ago and another for 202,037 ETH shortly after the entire market pulled back.

BitMine, which did not confirm recent purchases, has approximately 3.03 million ETH on its balance sheet, worth $11.84 billion, according to to data from StrategicETHReserve.

This is when the largest altcoin by market capitalization fell to $3,854.65 during the last trading day. It has since recovered to trade at $3,898.04 as of 1:51 a.m. EST, according to data from CoinMarketCap watch.

ETH Price (Source: CoinMarketCap)

The DAT Treasury Bubble May Have Bursted

BitMine’s continued accumulation of ETH comes even after the company’s president, Tom Lee, said the bubble around digital asset treasury (DAT) companies may have burst.

According to According to Lee, many DAT companies are now trading below their net asset value (NAV).

BitMine itself has seen its stock price follow a continued downtrend as the initial euphoria around its Ethereum cash pivot, which has seen its stock soar more than 633% in the past six months, begins to subside.

However, over the past month, BitMine shares have fallen more than 18%, according to Google Finance.

BitMine stock price (Source: Google Finance)

Much of those losses came last week, when the stock price fell more than 7%.

Lee says ETH could topple BTC

The latest purchases also come in the same week that Lee predicts that Ethereum will ultimately become the largest crypto by market capitalization.

“Ethereum Could Topple Bitcoin the Same Way Wall Street and Stocks Toppled Gold After 71,” Lee said in a recent interview with Cathie Wood, CEO of ARK Invest.

Lee then said that increasing the amount of US dollars transferred on the blockchain could benefit the price of ETH.

Ethereum currently has a 53.7% share of the $304.492 billion stablecoin market, according to at DefiLlama.

Lee highlighted how the US dollar became the dominant currency globally after US President Richard Nixon took the currency off the gold standard in 1971 and institutions began creating products around the currency.

“Dollar dominance is going to be Ethereum’s opportunity,” Lee said, adding that it’s all becoming symbolic.

Bitcoin currently has a market capitalization of over $2.131 billion, according to data from CoinMarketCap shows, while that of Ethereum stands at $470.6 billion.

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