BitMine Buys $1.5B in Ether After Market Crash as Tom Lee Warns of a DAT Bubble Burst
BitMine buys $1.5B in Ether after crypto crash as Tom Lee warns of a DAT bubble but remains bullish, predicting Ethereum could eventually...
Quick overview
- BitMine Immersion Technologies has become the largest Ether treasury holder, acquiring 379,271 ETH for $1.5 billion after a recent market crash.
- Their total ETH holdings now amount to 3 million, representing about 2.5% of the entire Ethereum supply, valued at approximately $11.7 billion.
- Despite concerns about the Digital Asset Treasury space potentially being in a bubble, some experts believe strong DATs can still yield significant returns.
- Tom Lee suggests the current market conditions present a buying opportunity for long-term investors, particularly in Ethereum.
BitMine Immersion Technologies is the world’s biggest Ether (ETH) treasury holder, and it’s doubling down on its faith in Ethereum by spending a staggering $1.5 billion on more Ether following that wild crypto wipeout last weekend.
On-chain info from Arkham Intelligence shows BitMine went out and bought 379,271 ETH across three big purchases – 202k ETH right after the crash, another 104k ETH on Thursday, and then another 72k on Saturday.
This move takes BitMine’s total ETH stash up to an eye-watering 3 million, which is roughly 2.5% of all the Ethereum currently floating around – that’s worth around $11.7 billion at current valuations.
🚨 MASSIVE ETHEREUM ACCUMULATION
Bitmine just went ALL IN on $ETH scooping up a total of 379,271 ETH ($1.48B) during the dip! 👀
💰 +72,898 ETH ($281M) yesterday's dip
💰 +104,336 ETH ($417M) 3 days ago
💰 +202,037 ETH after the weekend crashTom Lee wasn’t joking when he said… pic.twitter.com/oiyhLO79wk
— BMNR Bullz (@BMNRBullz) October 18, 2025
BitMine is now more than halfway to its long-term goal of owning 5% of the whole Ether supply – remember, they only started working on this in early July when ETH was trading around $2,500.
Fundstrats’ Tom Lee, a long-time bull on Ethereum, reckons the fact that BitMine is still piling in explains why many institutions still think Ether is way undervalued compared to Bitcoin.
“Ethereum’s got a chance to pull ahead of Bitcoin the same way that Wall Street and the stock market did to gold after 1971,” Lee said to Cathie Wood at ARK Invest not so long ago.
The DAT Bubble, and is it about to burst
But, and this is a big but, Tom Lee reckons there could be a bit of a problem with the whole Digital Asset Treasury (DAT) space, which is just a fancy way of saying corporate crypto investment structures. He reckons a lot of these are actually worth less than their net asset value (NAV), which to him is almost the same as saying they’re in a bubble that’s about to burst.
“Loads of DATs are trading below their actual value – if that aint a bubble then what is?” Lee made a statement in a chat with Fortune. Research from 10x Research supports his claim, noting that companies such as Metaplanet and Strategy are valued at or below the actual worth of their assets.
But not everyone is a doom merchant. 10x Research suggests that any DAT with deep pockets and a strong leadership team could still generate significant returns as an investment. Meanwhile, Huobi founder Li Lin has apparently raised $1 billion to launch his own Ether treasury fund, indicating he still believes ETH is a solid long-term bet.
Gold Fever and looking to the future
Speaking in a separate interview with CNBC, Lee likened the current market state to “gold envy,” where investors are fleeing crypto for safe havens following the wipeout. “This ain’t the peak of the crypto cycle,” Lee said, pointing out that leverage in crypto is at its lowest ever – we’re talking basement level here and still climbing.
The broader crypto market remains 15% below its peak from last October, whereas gold prices have slipped slightly from the previous week’s high.
For Lee, though, this is actually a good thing – a chance for long-term investors to get back in before things start going up again, especially those who think Ethereum is going to keep on trucking.
At the moment, BitMines’ continued buying spree is just reinforcing that idea.
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