BitMine Buys 27,316 Ethereum, Now Holds 3.34 Million ETH

Highlights:

• BitMine buys more Ethereum to grow its crypto holdings.
• The company now owns 2.8% of all Ethereum supply.
• Tom Lee says Ethereum is fair and good for finance.

BitMine Immersion is strengthening its position as the world’s largest corporate Ethereum treasury holder as market volatility continues. The firm recently acquired 27,316 ETH is worth $113 million, according to on-chain data from Lookonchain. The purchase came through custodian BitGo using wallet “0xDc8…3a07f” and highlights the firm’s ongoing accumulation strategy.

Tom Lee(@fundstrat)'s #Bitmine just bought another 27,316 $ETH($113M) and currently holds 3.34M $ETH($13.3B).https://t.co/STJqKkdLMxhttps://t.co/EWFNQ8CMI9 pic.twitter.com/LjydR5CXVp

— Lookonchain (@lookonchain) October 29, 2025

BitMine’s Portfolio Overview and Market Impact

BitMine Immersion now holds 3.34 million Ethereum, worth over $13 billion. The company controls roughly 2.8% of Ethereum’s total supply. It aims to hold 5% of the total Ethereum supply target. On October 27, BitMine’s shows that its overall portfolio is valued at $14.2 billion, including Ethereum bought at an average of $4,164 per token, 192 Bitcoin, an $88 million stake in Eightco Holdings, and $305 million in cash.

BitMine’s latest purchase has refocused attention on Ethereum’s price and on-chain activity. Investors are watching closely to see how the asset responds to rising institutional demand. The treasury firm, led by Fundstrat co-founder Tom Lee, is now the largest Ethereum treasury. It ranks second among all crypto treasuries, behind Michael Saylor’s Strategy. Experts believe BitMine’s ETH purchases show trust in Ethereum as a real financial platform. By gradually buying more ETH, the company hopes to gain from long-term growth and wider adoption.

The move purchase comes as institutional interest grows, and after the recent Fusaka test on the Hoodi testnet at 18:53 UTC. This is a step before the mainnet hard fork, which will make the network faster and cheaper. Ultimately, this could draw more investors and give a boost to ETH’s price.

🚀 The @ethereum 𝗛𝗼𝗼𝗱𝗶 𝗙𝗼𝗿𝗸 has been successfully completed and is now running seamlessly on the 𝗡𝗲𝘁𝗵𝗲𝗿𝗺𝗶𝗻𝗱 𝗖𝗹𝗶𝗲𝗻𝘁.

Another smooth upgrade, another key milestone on the road to Fusaka.

Big thanks to everyone in the ecosystem who helped make it happen -… pic.twitter.com/TEze2vgCx7

— Nethermind (@NethermindEth) October 28, 2025

Ethereum is trading at $4,005, down 2% in the last 24 hours but up 4% for the week, according to CoinMarketCap. The week started with a sharp rise to $4,253 on Monday, but the price faced resistance and pulled back. By Tuesday, ETH dropped to a local low near $3,931 before recovering this morning above the $4,000 level. Now, above this key psychological level, ETH could see a strong move. If market conditions stay stable and no major macro surprises occur, it may retest resistance between $4,250 and $4,300.

Tom Lee Sees Ethereum as a Neutral Chain and Future Leader

Tom Lee is a strong Ethereum supporter on Wall Street. At the Korea Blockchain Week 2025 Impact Conference, he describes ETH as a “truly neutral chain” that treats everyone fairly, without favoring any person, company, or government.

Lee believes this neutrality makes Ethereum ideal for financial services, offering flexibility, reliability, and security. Speaking at the BTC in D.C. event at the Kennedy Center, Michael Saylor noted that Lee’s influence has strengthened institutional trust in Ethereum. He added that more large investors are now entering the market with confidence because of Lee’s credibility.

Lee also believes Ethereum could one day surpass Bitcoin’s dominance. He compared it to how U.S. equities eventually outperformed gold after the 1971 monetary shift. Speaking with ARK Invest’s Cathie Wood, Lee said Ethereum could follow a similar path to the U.S. dollar’s rise once it was detached from gold.