On October 20, when the ETH price fluctuated between $3,950 and $4,000, BitMine employees withdrew 63,539 ETH worth $250.81 million from the Kraken exchange and the BitGo trading platform. Since these transactions, the digital asset's value has fallen by approximately 3%, so the company is likely calculating a small unrealized loss.

Ethereum purchases by BitMine, likely made late Monday evening

The company began investing in Ethereum on July 14, 2025, and over the course of more than three months, it has accumulated 3.24 million ETH, worth $12.52 billion at the current price. The institution already owns 2.68% of the issued digital assets, and if Tom Lee's subordinates continue to accumulate coins at the same rate, the 5% target will be reached by early 2026.

The fact that BitMine employees bought Ethereum at the local low doesn't mean they're confident in an imminent market reversal. They're following the advice of Strategy Director Michael Saylor and methodically increasing their ETH reserves regardless of market conditions, counting on the cryptocurrency's price to rise in the long term.