BitMine’s $104M Ethereum Buy Could Reflect Institutional Accumulation as ETH Holds $4,253 Support

• BitMine bought 24,000 ETH (~$104M), lifting October purchases to ~$407M.

• Ethereum trades near $4,368, holding key support at $4,253 while $4,700 remains near-term resistance.

• BitMine aims for ~5% of ETH supply; current holdings ~2.83M ETH (≈$12.3B based on recent prices).

BitMine ETH purchase: BitMine buys 24,000 ETH (~$104M), raising October total to $407M. Read market impact and support levels—stay informed.

What is the latest BitMine ETH purchase and why it matters?

BitMine ETH purchase refers to BitMine Immersion Technologies acquiring 24,000 ETH (about $104 million) on October 10 as part of a broader October buying spree. The move increases BitMine’s October total to approximately $407M and underscores growing institutional accumulation of Ethereum.

How did BitMine accumulate this ETH and which sources report it?

On October 10, blockchain trackers and on-chain analysis reported a 24,000 ETH transfer into BitMine-controlled addresses. Plain-text sources: Lookonchain and transaction records; prior October purchases included a 20,000+ ETH buy on October 8 executed via FalconX and custodial flows reported from BitGo. These plain-text sources indicate a systematic treasury accumulation strategy.

BitMine buys 24,000 ETH worth $104M, raising October total to $407M as Ethereum trades near $4,368 and holds key $4,253 support.

• BitMine buys 24,000 ETH worth $104M, lifting October total to $407M and 2.83M ETH held.
• Ethereum trades near $4,368, holding support at $4,253 as traders eye $4,700 resistance.
• BitMine targets 5% of Ethereum’s supply, reinforcing growing institutional accumulation trends.

BitMine Immersion Technologies purchased an additional 24,000 ETH (approximately $104 million) on October 10 as part of an ongoing corporate treasury expansion. This acquisition pushes BitMine’s October buying to roughly $407 million and brings its reported holdings to about 2.83 million ETH.

How much ETH does BitMine now hold and what percentage of supply is targeted?

BitMine’s holdings are reported at about 2.83M ETH, representing roughly 2.34% of circulating supply. The company has stated a strategic objective to accumulate up to approximately 5% of Ethereum’s supply over time as part of treasury diversification and long-term asset allocation strategies.

What are the market implications of BitMine’s accumulation?

Institutional accumulation like BitMine’s can tighten liquidity and support higher price floors over the medium term. Based on prevailing prices, BitMine’s ETH stack is valued near $12.3 billion. Market watchers cite Lookonchain analysis and custodian activity (BitGo) as primary data points for these transactions, while trading execution details reference FalconX as an execution channel in earlier buys.

Ethereum price action shows the token trading near $4,368, down roughly 2% in 24 hours. The market recently revisited a local high near $4,645 before pulling back toward $4,253 support. Traders are watching $4,253 as a short-term stabilizing level and $4,700–$4,745 as key resistance to confirm renewed upside momentum.

Technical scenarios: a clean break above $4,700 could open a move toward $5,000, while a failure below $4,250 may expose ETH to lower support around $3,990. These ranges are being monitored alongside on-chain buy pressure from corporate treasuries, which can act as structural support amid volatility.

Why do corporate buyers like BitMine accumulate Ethereum?

Corporate accumulation reflects strategic treasury diversification and long-term bets on protocol adoption. Institutions cite staking, network activity, and historical performance as reasons. Official on-chain traces and custodian settlement flows provide transparent evidence of these purchases in plain-text blockchain records.

Frequently Asked Questions

How much did BitMine spend on ETH this October?

BitMine’s October purchases total about $407 million to date, including a $104 million buy on October 10 and earlier purchases executed in the first week of October.

What price levels should traders watch for Ethereum?

Traders are watching $4,253 as key support and $4,700 as short-term resistance; a sustained break above $4,700 may target $5,000, while a fall below $4,250 could test $3,990.

Key Takeaways

• Significant buy: BitMine purchased 24,000 ETH (~$104M), raising October total to ~$407M.
• Holdings scale: BitMine now holds ~2.83M ETH (~2.34% of supply) with a strategic 5% supply target.
• Market context: ETH trading near $4,368 with critical support at $4,253 and resistance near $4,700; institutional buying may underpin price stability.

Conclusion

BitMine’s continued accumulation of Ethereum highlights a broader trend of institutional treasury adoption of ETH. The 24,000 ETH purchase on October 10 elevates BitMine’s October total to about $407M and reinforces market interest around key price levels. Monitor on-chain reports (Lookonchain), custodial flows (BitGo), and execution channels (FalconX) for ongoing transparency and updates.

Published: October 10, 2025 · Updated: October 10, 2025 · Author: COINOTAG