BitMine Buys 23,823 ETH, Total Holdings Reach 2.87 Million ETH

Highlights:

• BitMine added 23,823 ETH, raising total holdings to 2.87 million, worth $12.7 billion.
• Big crypto firms like Bit Digital and SharpLink are also buying more Ethereum.
• Ethereum pulled back to $4,253 support, and could drop further toward $4,000.

BitMine Immersion Technologies, one of the largest public Ethereum holders, reportedly acquired 23,823 ETH valued at about $103.7 million from BitGo on Thursday, as per Arkham data shared by Lookonchain on October 10. This recent acquisition increased BitMine’s total Ethereum holdings to approximately 2.87 million ETH, valued at around $12.7 billion. It represents about 2.34% of the total circulating supply.

Fundstrat co-founder Tom Lee leads BitMine Immersion Technologies. He has often highlighted the company’s goal to acquire 5% of Ethereum’s total supply while supporting the network’s growing role in global finance. The recent acquisition took place just a week after BitMine purchased 20,020 ETH worth $89.7 million through FalconX on October 8.

Bitmine keeps accumulating $ETH — 5 hours ago, they received another 23,823 $ETH($103.68M) from BitGo.https://t.co/DLOO6fgc7Khttps://t.co/w5uTBr9jZg pic.twitter.com/nScuFMDf5X

— Lookonchain (@lookonchain) October 10, 2025

During October, the Nevada-based Ethereum treasury firm continued buying large amounts of ETH to work toward its goal of owning 5% of the total supply. With these recent purchases, BitMine’s Ethereum acquisitions for the month have surpassed $407 million. This further strengthens its position as the largest corporate holder of ETH.

Along with its Ethereum reserves, BitMine holds 192 Bitcoin valued at roughly $24 million, a $113 million investment in Eightco Holdings, and $456 million in cash.

2/ BitMine acquired 179,251 ETH tokens in the past week

– currently reigns as the largest ETH Treasury
– and second largest crypto treasury only behind Microstrategy $MSTR

Ticker: $BMNR
Chairman: Tom Lee @fundstrat pic.twitter.com/JSE7N9gsCW

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) October 6, 2025

BitMine’s Stock Shows Strong Year-to-Date Gains

BMNR shares fell 1.5% on Thursday, finishing the day at $59.10, with a daily range between $56.51 and $59.31. The stock has gained more than 715% so far this year, according to Yahoo Finance. Analysts keep a $71 target price following the company’s sale of 5.22 million shares last month, priced at $70 each.

Major Crypto Firms Boost Ethereum Holdings

Following BitMine’s aggressive Ethereum purchases this month, other major crypto firms are also expanding their ETH holdings. SharpLink Gaming now holds 839,000 ETH with no debt, generating over $900 million in unrealized gains since starting its Ethereum treasury strategy in June.

Similarly, Bit Digital increased its Ethereum reserves to about $675 million two days ago by acquiring 31,057 ETH using funds from a $150 million convertible notes offering. The Nasdaq-listed firm now owns roughly 150,244 ETH, a 50% rise, as it shifts focus from Bitcoin mining to Ethereum.

Major investors, including Kraken Financial, Jump Trading Credit, and Jane Street Capital, participated in the deal. Data from StrategicETHReserve shows corporate treasuries hold about 5.70 million ETH, or 4.71% of the total supply. Meanwhile, spot Ethereum ETFs collectively own around 6.93 million ETH, equivalent to 5.73% of supply.

Ethereum Price Faces Pullback Near Key Support

Ethereum is trading around $4,335, down about 2% today, according to CoinMarketCap. Earlier this week, it reached $4,645 before dropping to test support at $4,253. This shows a small pullback from its recent rise.

Ethereum’s outlook improved after Samsung added ETH staking to its Galaxy devices. This allows over 200 million users to stake Ethereum directly, one of the largest mass-adoption moves in blockchain history.

🚨BREAKING:

SAMSUNG HAS ENABLED ETHEREUM STAKING DIRECTLY IN GALAXY DEVICES.

200M+ USERS NOW ONE TAP AWAY FROM STAKING $ETH.

MASS ADOPTION IS ACCELERATING. pic.twitter.com/LGxGKCCMLZ

— Merlijn The Trader (@MerlijnTrader) October 7, 2025

Analyst Ted Pillows noted that Ethereum may recover after bouncing from the $4,250 support. However, if it breaks this level, ETH could drop toward $4,000.

$ETH had a bounceback from the $4,250 support level.

If this level holds, Ethereum will show some recovery.

If ETH fails to hold this level, expect a correction towards the $4,000 level. pic.twitter.com/JHEuPFxn8b

— Ted (@TedPillows) October 10, 2025