In a bold strategic move during October's cryptocurrency market downturn, Bitmine Immersion Technologies has executed one of the largest institutional Ethereum purchases of 2025, acquiring 128,718 ETH worth approximately $480 million through newly activated wallets linked to major exchanges including Kraken. This massive transaction, facilitated via Kraken's institutional trading infrastructure, represents a significant vote of confidence in Ethereum's long-term value proposition despite recent market turbulence. The acquisition, meticulously tracked by blockchain analytics firm Lookonchain, demonstrates how sophisticated institutional players are leveraging market corrections to accumulate substantial positions in established digital assets. Through Kraken's robust trading platform and settlement capabilities, Bitmine was able to swiftly capitalize on favorable pricing conditions during the market dip, increasing their total ETH holdings to 2.9 million tokens. This strategic accumulation through Kraken's institutional-grade services highlights the growing maturity of cryptocurrency markets and the sophisticated treasury management strategies being deployed by major corporate entities. The transaction underscores Kraken's pivotal role in facilitating large-scale institutional movements within the digital asset space, providing the liquidity and security required for nine-figure acquisitions. Industry analysts view this move as indicative of broader institutional sentiment that sees current market conditions as buying opportunities rather than reasons for retreat. Bitmine's substantial ETH position, now significantly bolstered through Kraken-executed trades, positions the company as one of the largest corporate holders of Ethereum globally. This development through Kraken's trading ecosystem reinforces the narrative that established cryptocurrencies like Ethereum continue to attract substantial institutional capital even during periods of market uncertainty, suggesting that sophisticated investors remain bullish on the long-term prospects of decentralized finance and Web3 infrastructure.
Bitmine Acquires $480M in ETH Following Market Crash, Bolstering Crypto Treasury
Bitmine Immersion Technologies seized a strategic opportunity in October's crypto market downturn, purchasing 128,718 Ethereum (ETH) worth approximately $480 million. The acquisition, executed via newly activated wallets linked to FalconX and Kraken, underscores institutional confidence in ETH's long-term value amid volatility.
Lookonchain data reveals the transaction increased Bitmine's ETH holdings to 2.96 million tokens—nearly 2.5% of Ethereum's total supply. Led by Fundstrat's Tom Lee, the firm now holds the largest corporate ETH treasury, trailing only MicroStrategy in overall crypto reserves.
The buy-the-dip maneuver follows a market crash triggered by geopolitical tensions, including proposed U.S. tariffs on Chinese software. Bitmine's aggressive accumulation signals deepening institutional footholds in crypto, with ethereum emerging as a preferred reserve asset.
Whale Cashes Out $11.48M in Bitcoin After $160M Profit During Market Crash
A mysterious trader, dubbed "BitcoinOG," has deposited 100 BTC ($11.48 million) to Kraken, cashing out part of a $160 million unrealized profit made during Friday's crypto market crash. The whale had strategically shorted Bitcoin and Ethereum ahead of the downturn, showcasing elite timing and risk management.
As markets showed signs of recovery, the same trader doubled down, increasing their Bitcoin short position to 1,423 BTC ($161 million). This move highlights how institutional players leverage volatility for outsized gains.
Elsewhere, other large traders displayed mixed results. One Ethereum address (0x72..AD88) currently holds $1.55 million in unrealized profits from Ethereum and solana long positions, potentially waiting for further upside.
