Inside BitMine’s 3M Ethereum vault: ‘Discount window’ or dead money?

ambcryptoPublished on 2025-10-13Last updated on 2025-10-14

Key Takeaways

How much did BtMine buy during the dip? 

The firm acquired 202,037 ETH, bringing its overall stash to 3.03 million ETH in just three months of accumulation. 

Will the accumulation boost the ETH value? 

Per Tom Lee, the ETH price could hit $10K-$12K by year-end, but Options traders were pessimistic about the targets. 

BitMine Immersion Technologies (NYSE: BMNR), the world’s largest Ethereum [ETH] treasury company, announced that its holdings have hit 3.03 million ETH or 2.5% of the total supply. 

During the recent dip, the firm bought an extra 202,037 ETH. Now, it’s halfway done with the 5% ETH supply target, noted Chairman Tom Lee, hailing the recent discount window. 

“The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of. We are now more than halfway towards our initial pursuit of the “alchemy of 5%.””

Lee added that the recent liquidation cascade made ETH trade at a discount to its fundamentals and future, creating an “advantage to investors, at the expense of traders.”

ETH accumulation in October

The firm now holds over three times more ETH than the second-largest ETH treasury firm, SharpLink Gaming. 

Ethereum

Source: Strategic ETH reserve

Overall, ETH strategy firms held 5.9 million ETH, nearly 5% of the total supply, after adding 500K ETH in the past two weeks.  

Collectively, with ETFs, the entities control 12.7 million ETH, worth over $49 billion per current prices. 

Ethereum

Source: Strategic ETH reserve

The aggressive Spot demand following the recent flash crash could be the perfect setup for a short squeeze for bears betting on muted price action. 

In fact, Lee projected that the ETH price could hit $10K-$12K by year-end, implying a potential 2X or 3X run from current levels. 

Derivatives markets disagree

But Options data showed that traders were very pessimistic about the targets.

On Deribit, Options traders were pricing a 2% chance that $10K level could be hit by year-end. However, the odds for hitting the price range improved for early to mid-2026. 

BitMine Ethereum

Source: Deribit

But on the prediction site, Polymarket, bettors were 50/50 about ETH hitting a new ATH by year-end. 

In the short term, however, bulls must defend $3.8K and clear the $4.2K overhead hurdle to advance north. Otherwise, a slip below $3.5K could be feasible if sentiment worsens in the next few days. 

Ethereum

Source: ETH/USDT, TradingView 

Next:
Share

Related Reads

Weekly Token Unlocks: HYPE Unlocks $650M Worth of Tokens

Summary: Token Unlocks for the Week – HYPE Unlocks $650 Million Worth of Tokens Major token unlocks are scheduled for this week, headlined by Hyperliquid's significant release and a smaller unlock from EigenLayer. **Hyperliquid (HYPE)** * **Platform:** A high-performance blockchain aiming to create a fully on-chain, open financial system. * **Unlock Details:** 9.92 million HYPE tokens, valued at approximately $650 million. * **Project Links:** Twitter: https://x.com/HyperliquidX; Website: https://hyperfoundation.org/ **EigenLayer (EIGEN)** * **Protocol:** A protocol built on Ethereum that introduces restaking, allowing staked ETH to secure other applications. * **Unlock Details:** 36.86 million EIGEN tokens, valued at approximately $8.22 million. * **Project Links:** Twitter: https://x.com/eigenlayer; Website: https://www.eigenlayer.xyz/ Both projects have provided specific token release schedules following these unlocks.

marsbit29m ago

Weekly Token Unlocks: HYPE Unlocks $650M Worth of Tokens

marsbit29m ago

Kalshi and Coinbase Receive CFTC Approval, Ushering in the Most Regulation-Friendly Era for the Crypto Industry?

The U.S. Commodity Futures Trading Commission (CFTC) took two landmark actions on May 29. It approved Kalshi's application to list a Bitcoin perpetual futures contract and issued a no-action letter to Coinbase Financial Markets. This allows Coinbase to offer certain perpetual futures products to U.S. customers through a subsidiary, with digital assets permitted as collateral. These moves, coupled with a new CFTC policy statement, provide a clearer regulatory pathway for perpetual contracts in the U.S., moving them from a regulatory gray area. CFTC Chair Mike Selig stated this is a key step for U.S. crypto leadership but noted the policy is not yet permanent. The article explains that CFTC's previous reluctance stemmed from legal ambiguities, as perpetual contracts lack an expiration date. However, such contracts dominate global crypto derivatives, accounting for ~78% of centralized exchange volume in 2025, forcing U.S. regulators to adapt to competition from offshore platforms like Hyperliquid. The approvals offer two compliance paths: Kalshi's direct listing and Coinbase's model using foreign futures. This is expected to attract institutional capital back to regulated U.S. venues, stimulate the launch of more products like ETH perpetuals, and enhance U.S. competitiveness in the global crypto derivatives market. The author suggests this may signal a "regulatorily friendly" era for crypto.

marsbit59m ago

Kalshi and Coinbase Receive CFTC Approval, Ushering in the Most Regulation-Friendly Era for the Crypto Industry?

marsbit59m ago

Sharplink CEO: Ethereum's Future Is Playing Out Now

This article presents a perspective from Joseph Chalom, CEO of Sharplink and a former BlackRock executive. He argues that current controversies surrounding the Ethereum Foundation (EF) and ETH's price miss the bigger picture for institutional adoption. Chalom asserts that Ethereum is decisively winning in the three key attributes institutions value most: trust, security, and liquidity. He cites its dominance in stablecoin settlement, tokenized real-world assets (RWA), and high-value DeFi as evidence. This success is attributed to the EF's consistent, long-term protocol development over a decade, including major upgrades like The Merge and a robust future roadmap. He defends Ethereum's decentralization as a core strength, not a weakness, stating institutions require a neutral infrastructure not controlled by any single entity. Comparing ETH to Amazon, Chalom suggests critics focusing on short-term price are missing its potential to become the foundational settlement layer for the entire global financial system. The article encourages a contrarian "be greedy when others are fearful" investment approach, drawing parallels to Warren Buffett's strategy and BlackRock's continued investment during crypto winters. Chalom concludes that while the EF correctly focuses on core protocol attributes (CROPS: Censorship Resistance, Capture Resistance, Open Source, Privacy, Security), a leadership gap exists in market-facing narrative and institutional adoption. He calls for ecosystem participants, including his own firm Sharplink, to become more vocal advocates to support Ethereum's impending "supercycle" of institutional adoption.

链捕手1h ago

Sharplink CEO: Ethereum's Future Is Playing Out Now

链捕手1h ago

Deconstructing the Investment Methodology of the 'Stock God Serenity' in One Article

"Serenity's Bottleneck Investment Methodology: A Deep Dive" This article dissects the "bottleneck point investment" strategy of the pseudonymous investor Serenity, known for exceptional returns (YTD 4502.45%). The core methodology involves identifying a major technological trend (e.g., AI compute expansion), mapping its supply chain, and investing early in the most irreplaceable, supply-constrained upstream component before the market fully values it. The framework is broken down into a five-factor model: 1. **Deterministic Demand**: Anchored in a large, validated trend. 2. **Constrained Supply**: The component must be difficult to replicate or scale quickly. 3. **Low Market Attention**: Opportunities exist where coverage is sparse. 4. **Value Capture**: The company must have pricing power, high margins, and customer lock-in. 5. **Catalyst**: A near-term event to trigger price discovery (earnings, customer ramp, etc.). The article provides illustrative examples like $AXTI (InP substrates for photonics), $RPI (edge hardware for AI agents), and $AAOI/$LITE (components for cloud ASICs). To apply this method, a six-step process is outlined: identify the macro trend, map the supply chain, pinpoint the true bottleneck, gather evidence (client wins, certifications), assess risks ("anti-thesis table"), and size the position according to research depth. Crucially, the article notes significant limitations: risk of overfitting inferences from sparse data, valuation challenges for pre-revenue companies, liquidity/reflexivity risks due to Serenity's own market influence, and survivor bias amplified by a strong AI bull market. The key takeaway is to emulate the rigorous research process—finding the trend, the bottleneck, the evidence—rather than blindly copying specific stock picks, emphasizing the discipline of "walking through the narrow gate."

marsbit1h ago

Deconstructing the Investment Methodology of the 'Stock God Serenity' in One Article

marsbit1h ago

One Article Deconstructs the Investment Methodology of 'Stock God Serenity'

This article deconstructs the "bottleneck point" investment methodology of the renowned investor known as "Serenity" (aleabitoreddit). Characterized by a YTD return of over 4500%, the strategy involves identifying a major, confirmed trend (e.g., AI data center expansion), mapping its supply chain, and then pinpointing a critical, hard-to-replace upstream bottleneck that the market has yet to fully price in. The core framework is a five-factor model: 1) **Certain Demand** from a clear megatrend; 2) **Constrained Supply** with high barriers to entry and slow replication; 3) **Low Market Attention**, where the company is overlooked; 4) **Value Capture** potential through pricing power and market share; and 5) a near-term **Catalyst** to trigger re-evaluation. Case studies include **$AXTI** (InP substrates for photonics), **$RPI** (edge hardware for AI agents), and companies like **$AAOI** and **$LITE** tied to hyperscaler-specific ASIC demand (e.g., Microsoft Maia, Amazon Trainium). The article provides a six-step guide for applying this approach: 1) Identify a validated macro trend; 2) Map the entire supply chain; 3) Find the true bottleneck; 4) Gather concrete evidence (e.g., filings, customer contracts); 5) Perform rigorous risk assessment ("anti-thesis"); 6) Match position size to depth of research. Key limitations are also noted: the risk of narrative overfitting, difficulty in valuing early-stage companies, Serenity's own market-moving influence creating reflexivity, and potential survivorship bias due to the AI bull market. The essence of the method is not to copy picks but to adopt the research process: find the trend, locate the bottleneck, verify with evidence, assess valuation, await a catalyst, and then invest with discipline. The philosophy is summarized as "walking through the narrow gate"—seeking non-consensus, structurally vital points within booming industries before they become widely recognized.

链捕手1h ago

One Article Deconstructs the Investment Methodology of 'Stock God Serenity'

链捕手1h ago

Trading

Spot
Futures

Hot Articles

Discussions

Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of ETH (ETH) are presented below.

活动图片

Top Questions