The world's largest Ethereum digital asset treasury, BitMine, is reported to be buying the dip again as ETH continues to retreat from its historical high in August.
According to on-chain data, BitMine Immersion Technologies, chaired by Tom Lee, reportedly acquired 104,336 Ethereum (ETH) on Thursday, valued at approximately $417 million.
Lookonchain reported that in the past 7 hours, three new wallets received these assets from Kraken and BitGo. BitMine has not publicly confirmed these transactions.
"Despite the cryptocurrency market crash, Tom Lee still predicts ETH will reach $10,000 by the end of the year," Lookonchain added.
Earlier this week, Lee and BitMEX co-founder Arthur Hayes maintained their prediction that Ethereum would reach $10,000 this year.
Blockchain intelligence firm Arkham agreed with this finding, stating that three new whale wallets have each just acquired $75 million worth of ETH. "The acquisition pattern aligns with BitMine's acquisition of ETH from BitGo," they said.
Cointelegraph reached out to BitMine to confirm the acquisition but did not receive an immediate response.
BitMine bought the dip after the cryptocurrency market plummeted earlier this week. On Monday, the company announced it had acquired 202,037 ETH tokens in the "past few days," taking advantage of the lower prices.
"The cryptocurrency liquidation in the past few days caused the ETH price to drop, and BitMine seized this opportunity," Tom Lee stated at the time.
Digital asset treasuries like BitMine seem unfazed by the recent turmoil in the cryptocurrency market, taking the opportunity to buy the dip.
BitMine has now reached 50% of its treasury target in just a few months, accumulating an astonishing 3 million ETH, which accounts for 2.5% of the total supply.
According to StrategicEthReserve, its holdings also represent half of all public company treasuries accumulating Ethereum, currently at 5.9 million ETH, valued at $23.7 billion.
As the buying opportunity arises, the Ethereum market continues to trend downward.
ETH fell to $3,945 in trading on Wednesday evening, down 20% from its August historical high of $4,946.
As of the time of writing, it has slightly regained composure, trading just above the psychological threshold of $4,000.
However, Lee is among many experts and analysts who believe Ethereum will recover to a bull market in the coming months.
"Ethereum is replicating Bitcoin's trend from 2020-2021," analyst "Rekt Fencer" stated, adding that "ETH still has the potential to reach $15,000 in this cycle."
Meanwhile, market analyst "Crypto Bullet" compared the chart patterns of Bitcoin in 2024 with Ethereum in 2025, stating they are "exactly the same pattern," and then predicted Ethereum would rise to between $6,000 and $7,000 this year.
Related: Whether Bitcoin (BTC) can continue its "Uptober" rally depends on the probability of a Federal Reserve rate cut, as well as the performance of Nasdaq and tech stocks.
Original article: “BitMine Buys $417 Million ETH as Ethereum Pulls Back 20%”
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