Ethereum extended its rally Thursday, outperforming broader crypto markets after mining giant BitMine revealed a $1 billion investment in the token. The purchase, equal to 234,846 ETH, lifted the company’s total holdings to 2.65 million tokens valued at $11 billion, making it the world’s largest Ethereum treasury.
- Ethereum (ETH): up 5.39% to $4,389
- Bitcoin (BTC): up 3.7%
- Crypto market overall: up 3.68%
The scale of BitMine’s purchase far surpasses peers. Rival treasuries include SharpLink with 838,730 ETH and The Ether Machine with 495,360 ETH. BitMine now ranks as the second-largest public crypto treasury overall, trailing only Michael Saylor’s MicroStrategy, which expanded its Bitcoin holdings earlier this week.
BMNR, BitMine’s publicly traded stock, also gained traction, rising 3.46% in pre-market trading to $54.10, with its market capitalization now estimated at $9.36 billion.
Market Reaction and Technical Signals
Analysts pointed to BitMine’s accumulation as a pivotal signal for Ethereum. The company’s move followed last week’s smaller $84 million ETH acquisition through Galaxy Digital, suggesting a sustained strategy to expand holdings.
Prominent analyst CryptoGoos described the ETH charts as “the most bullish setup yet.” Technical signals supported that claim, with ETH reclaiming $4,250 as a support level and traders eyeing upside targets of:
- $4,500
- $4,750
- Potential test of new all-time highs
Additional tailwinds came from U.S. spot exchange-traded funds (ETFs). On October 1, Bitcoin ETFs recorded $676 million in inflows, while Ethereum ETFs attracted $80.79 million. According to SoSoValue, both assets posted three straight days of net inflows, bolstering sentiment across digital markets.
Longer-Term Bullish Outlook
The optimism extends beyond short-term trading patterns. Wall Street veteran Tom Lee projected that Ethereum could climb to $12,000 by the end of 2025, citing improving fundamentals and growing institutional adoption.
Drivers supporting Ethereum’s bullish outlook include:
- Institutional inflows into crypto ETFs
- BitMine’s record-setting treasury accumulation
- Rising use of ETH in decentralized finance and blockchain applications
For investors, BitMine’s aggressive positioning underscores a broader shift in sentiment toward Ethereum as a core digital asset. The combination of strong technical support, institutional inflows, and corporate accumulation is setting the stage for what analysts see as Ethereum’s most compelling bullish setup in years.