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.
Sources & Methodology
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