BitMine is still buying the dip, Tom Lee has raised $1.7 billion in ETH since the crash

Tom Lee’s Ether Treasury business has been aggressively buying the dip since the market crash earlier this month.

BitMine Immersion Technologies has made its fourth purchase of Ether since its record liquidity flush on October 10.

The company raised $250 million in ETH from Bitgo and Kraken on Monday, according to to Arkham Intelligence, which said: “These accounts are consistent with Bitmine’s previous acquisition pattern.”

“Will Tom Lee ever stop buying?”

3.2 million ETH holdings

The wallets bought 63,538 ETH this week and a whopping 379,271 ETH last week. This brings the total to 442,809 ETH worth approximately $1.74 billion at current prices, purchased since the market crash.

This aggressive dip buying, which Bitcoin Treasurys have not repeated, has brought BitMine’s total to approximately 3.17 million ETH, but the company has yet to officially confirm the most recent purchases.

This would give it around 2.6% of the asset’s entire supply, and well over 50% towards the 5% target.

🚀 From 163,000 ETH to 3.24 MILLION ETH in just 3 months. 🤯

Bitmine’s accumulation is historic, week after week they’ve been loading the coffers non-stop:

July 14 — 163K
August 10 — 1.15M
September 14 — 2.15M
October 19 — 3.24 million 🔥

At this rate they are on their way to controlling 5% of everything $ETH in… pic.twitter.com/skfLh9vQAi

— BMNR Bullz (@BMNRBullz) October 20, 2025

BitMine Chairman Tom Lee is confident this is not the top of the crypto cycle. “So I think we’re in the basement and working our way back up,” he told CNBC on Friday.

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Lee recently did the same declared that BitMine is preparing to roll out its own Ethereum staking solution very soon.

Coinbase is also bullish on the momentum for crypto markets in the fourth quarter and the influence of digital asset treasuries (DATs).

“Looking at the supply/demand picture, it is difficult to overstate the impact that digital asset treasury companies have had on the markets this year,” wrote David Duong, head of research at Coinbase Institutional, in a recent research paper.

Ether prices retreat

The same crypto market pattern plays out daily: Asia pumps up the markets with buying, and America dumps with selling, preventing sustained upward momentum.

As a result, Ether prices have fallen back below $4,000. ETH hit an intraday high of $4,080 in early trading on Monday, but continued selling pressure on the US time zone pushed it back to $3,940, where it currently trades.

The assets have seen only a marginal recovery from October’s double dip and need to clear $4,000, and stay above that, to see any real progress.

Ethereum’s weekly chart “loads a monster move” with a double retest of the exponential moving average, observed analyst ‘Merlijn de Handelaar’, who added that it was pumping 70% the last time this was seen.