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

BitMine, the world’s largest corporate holder of Ethereum, bought another $281 million worth of ETH yesterday, bringing its total purchases since the October 10 flash crash to $1.48 billion.

According to to the X account ‘BMNR Bullz’, purchased by BitMine yesterday another 72,898 ETH for $281 million, 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.

🚨 HUGE ETHEREUM ACCUMULATION

Bitmine simply went ALL-IN $ETH A total of 379,271 ETH ($1.48 billion) was raised during the dip! 👀

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

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

— BMNR Bullz (@BMNRBullz) October 18, 2025

BitMine bought 104,336 ETH for about $471 million three days ago and another for 202,037 ETH shortly after the market-wide withdrawal.

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

That was when the largest altcoin by market cap fell to a low of $3,854.65 over the last trading day. It has since recovered and was trading at $3,898.04 at 1:51 a.m. EST, data from CoinMarketCap shows.

ETH price (source: CoinMarketCap)

THAT Treasury bubble may have burst

BitMine’s continued ETH accumulation comes even after company chairman Tom Lee said the bubble surrounding 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 share price in a sustained downtrend as the initial euphoria surrounding its Ethereum Treasury pivot, which saw its stock rise more than 633% in the past six months, has begun to cool.

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

BitMine stock price (Source: Google Finance)

Much of these losses were recorded last week, when the share price fell more than 7%.

Lee says ETH can flip BTC

The latest purchases also come in the same week that Lee predicted that Ethereum will eventually become the largest cryptocurrency by market capitalization.

“Ethereum could flip Bitcoin, similar to how Wall Street and stocks flipped gold after 71,” Lee said said in a recent interview with Cathie Wood, CEO of ARK Invest.

Lee then said that the increase in the number of US dollars moving to the blockchain could benefit the price of ETH.

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

Lee pointed out how the US dollar became the dominant currency worldwide after US President Richard Nixon took it off the gold standard in 1971 and institutions began building products around the currency.

“Dollar dominance will be the opportunity for Ethereum,” Lee said, adding that everything will be tokenized.

Bitcoin currently has a market cap of more than $2.131 trillion, data shows CoinMarketCap turns out, while Ethereum’s is $470.6 billion.

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