BitMine Expands ETH Treasury Despite DAT Concerns

Key Takeaways

• BitMine has purchased over $1.5 billion in ETH since the recent market crash.

• The company now controls over 3 million ETH, equating to 2.5% of the total Ethereum supply.

• Tom Lee remains bullish on ETH, despite expressing concern over the DAT bubble.

• Major DATs are trading below NAV, but firms with strong leadership may still thrive.

• Institutional players like Li Lin are also betting big on Ethereum.

BitMine Buys Over 379K ETH Amid Market Uncertainty

Strategic Accumulation During The Dip

According to on-chain data from Arkham Intelligence and insights from the BMNR Bullz tracker, BitMine Immersion Technologies has acquired 379,271 ETH since last weekend’s record-breaking crypto liquidation.

Source: X (@BMNRBullz)

The acquisitions were made in three major purchases:

• 202,037 ETH after the weekend crash

• 104,336 ETH on Thursday

• 72,898 ETH on Saturday

While BitMine has not officially confirmed the buys, the data paints a clear picture of confidence in Ethereum despite turbulent market conditions.

World’s Largest Ether Treasury

BitMine has now amassed over 3 million ETH, which represents 2.5% of the total Ethereum supply, currently valued at approximately $11.7 billion.

The firm has publicly set a goal of controlling 5% of ETH’s total supply and began accumulating only in early July, when Ethereum was priced near $2,500.

DAT Bubble Bursts, But Ethereum Is Still Strong

Bubble Warning Doesn’t Deter ETH Optimism

In a recent discussion with ARK Invest CEO Cathie Wood, Tom Lee likened Ethereum’s potential to surpass Bitcoin to how Wall Street shifted from gold to equities after 1971.

Still, he warned of an emerging DAT bubble, pointing out that several digital asset treasuries are now trading below their Net Asset Value (NAV).

DATs Trading Below NAV

Research by 10x Research reinforces Lee’s concerns. Major players in the DAT space, like Metaplanet and Strategy, are trading at or below the value of their underlying crypto holdings.

However, the firm notes that well-managed DATs could still outperform by generating “meaningful alpha.”

Institutional Players Still See Opportunity

Huobi Founder Plans $1B ETH Treasury

Despite the volatility and NAV concerns, some investors are moving in the opposite direction. Li Lin, founder of Huobi, is reportedly raising $1 billion to create an Ethereum-focused digital treasury.

This signals continued institutional belief in Ethereum’s long-term value, aligning with BitMine’s aggressive accumulation strategy.

“Gold Envy” Vs. Crypto’s Comeback Potential

Speaking to CNBC, Tom Lee noted that some investors are hesitant to reenter the crypto space due to “gold envy.”

Tom Lee Discussing ‘Gold Envy’ On CNBC

Source: CNBC

While gold has been a strong performer in 2025, Lee emphasized that leverage in crypto markets is at historic lows, suggesting the current slump may be a launchpad for future gains.

Current Market Snapshot

• Crypto markets are 15% down from the October 7th high

• Gold is down 3% from its recent peak

• ETH remains a focus of major investors like BitMine

FAQ

What is BitMine?

BitMine Immersion Technologies is a crypto treasury firm focused on acquiring and holding large amounts of Ethereum (ETH). It is currently the largest Ether treasury in the world.

Why is BitMine buying ETH after a crash?

BitMine appears to view the crash as a buying opportunity, signaling long-term confidence in Ethereum’s value and utility.

What is a DAT (Digital Asset Treasury)?

A Digital Asset Treasury (DAT) is a company or fund that holds cryptocurrencies as part of its financial strategy, often trading at a premium or discount to the value of its holdings.

What is NAV in the context of DATs?

Net Asset Value (NAV) refers to the total value of a DAT’s crypto holdings. If a DAT trades below NAV, it means investors are valuing it at less than the worth of its assets.