BitMine has transferred $417 million to buy Ether for its treasury, adding 104,000 ETH in a move that underscores its plan to stockpile the second largest cryptocurrency. XT’s blog reported the move on 16 Oct 2025, noting how the event touches institutional investors, corporate treasuries and the day-to-day liquidity of the ETH market.
The $417 million purchase sits inside a wider stockpile plan, says XT’s blog of 16 Oct 2025. BitMine wants to mirror MicroStrategy and claims it will eventually hold up to 5% of all Ether. On that date the firm already held about 2.65 million ETH (2.2% of the coins in circulation), and its cash and crypto stash tops $13 billion. Technical note: an Ether vault is a contract or custody address where a single party parks ETH for treasury use or for institutional clients.
After market drops, the company spent roughly $827 million on ETH, a sign it buys hard during panic phases. Tom Lee, linked to the plan, backs a “supercycle” story for Ethereum and predicts a sharp price climb before the end of 2025, though opinion splits as Andrew Kang at Mechanism Capital calls the thesis “deeply flawed.” The same report notes that Ark Invest spent $18.6 million on BitMine (BMNR) shares during a price dip, adding a layer of institutional attention.
What it means for Ethereum market
When a public firm hoards on this scale, market structure shifts. For traders, fewer coins sit on exchanges when big buyers appear, and rallies tend to spike higher. For CFOs and fund managers, the move highlights a way to own raw ETH instead of futures. For the order book, large single day purchases widen spreads and can jolt spot prices if the firm later sells, concentrating liquidity risk around major treasury actions.
Risks to watch center on supply, signaling and debate. A continued supply pile up could thin order books further if BitMine keeps adding. The firm’s reputation and price link means its next step can whip prices either way. And clashing views—including open attacks like Mechanism Capital’s—fuel doubt about whether the plan lasts.
The event is logged on the 16 Oct 2025 blog. The next watch points are the march toward the 5% supply goal and the price path into late 2025, the window Tom Lee uses for his forecast.
