BitMine acquires 128.718 ETH amid the biggest crypto market crash in six months

BitMine, the largest corporate Ethereum holder, purchased 128.718 ETH at the height of the market correction. Its president, Tom Lee, champions the vision of a bullish supercycle.

Cryptocurrency company BitMine, initially focused on Bitcoin mining, is reinforcing its commitment to Ethereum, the second most capitalized cryptocurrency in the industry, amid the sharp market correction.

Last week, the crypto market experienced one of its most turbulent days in recent months. After a 36% rally from April's lows, the session closed with its largest correction in six months. The VIX volatility index soared as much as 29% intraday, recording its 51st largest daily move in history, according to Bloomberg data. 

In this context of tension, BitMine executed a purchase of 128.718 ETH, equivalent to approximately $480 million, according to the analysis platform Lookonchain, which reported the transaction.

BitMine's move came at a time when many investors were opting to reduce their exposure, reinforcing the narrative that the company is seeking to take advantage of volatility to consolidate its position. The magnitude of the purchase, combined with the market context, sends a clear signal of confidence in Ethereum's medium- to long-term trajectory.

Tom Lee defends the vision of a “supercycle” for Ethereum

In a interview Given to CNBC, Lee, president of BitMine, explained that the current correction was “late” after months of sustained gains. For him, the current market decline does not represent a change in trend, but rather an entry opportunity into what he defines as the “Ethereum supercycle.” In his words, "Since the April low, the market has gained 36%. Today's decline is the largest in six months, but it's part of a natural adjustment process."

Lee projects that Ethereum still has room to reach the $5.500 in the coming months, supported by growing institutional adoption, the development of decentralized applications, and the consolidation of its role as key infrastructure in the digital financial ecosystem. 

For the crypto community, Lee's vision is reminiscent of that of Michael saylor in relation to Bitcoin, evoking a leadership that combines conviction, strategic narrative, and the ability to mobilize corporate capital in times of uncertainty. This comparison is not accidental. 

Just as Saylor built Strategy into the largest corporate Bitcoin holder, with over $86.000 billion in the cryptocurrency to date, Lee has positioned BitMine as the most significant corporate player in Ethereum accumulation. The two share a long-term approach and the willingness to challenge short-term volatility with large-scale decisions.

A sign of confidence in the crypto ecosystem, amid volatility

BitMine's move is best understood by looking at the sequence of recent months. After a sustained rally since April, the market was showing signs of overbought and a degree of complacency. According to Lee, the October 11 correction, amplified by the VIX spike, acted as a catalyst for rapid selling and forced liquidations. In that environment, BitMine decided to act in the opposite direction, accumulating ETH when the overall sentiment was leaning toward fear.

The strategy follows a familiar logic in financial markets: buying into weakness to capture value over longer horizons. However, the scale of the transaction and the company's visibility give it additional weight. For analysts, the purchase of 128.718 ETH not only strengthens BitMine's position but also sends a message of confidence to the market in a time of uncertainty.

For analysts, BitMine's investment reflects a lesson in institutional behavior in the face of volatility. While retail investors often react with impulsive sales, strategic firms use the correction as an entry point. Lee's narrative about the Ethereum supercycle seeks to frame these fluctuations as part of a larger process, where the structural trend remains intact.

Ethereum continues to gain corporate support

The BitMine purchase and Tom Lee's statements offer several interpretations for the crypto ecosystem. First, they consolidate Ethereum as an asset with growing corporate backing, capable of attracting capital even during highly volatile periods. Secondly, they reinforce the idea that correction cycles don't necessarily invalidate long-term trends, but can be interpreted as strategic opportunities.

In this context, BitMine not only maintained its position in Ethereum, but strengthened it just as the market became uncertain. This move reflects conviction and long-term vision, two qualities that often mark the difference between a short-term reaction and a well-considered strategy. If Tom Lee's hypothesis holds true, Ethereum could climb towards $5.500 in the coming months, although factors such as macroeconomic developments, cryptoasset regulations, and institutional adoption will be decisive in confirming this scenario.

Therefore, BitMine's recent purchase of ETH was not simply another transaction, but a symbolic gesture reaffirming its commitment to the development of the Ethereum ecosystem. At a time when many prefer to wait for the storm to pass, the company decided to double down, demonstrating that a long-term vision remains the most valuable asset in the crypto universe.