BitMine Immersion Technologies has significantly increased its Ethereum holdings, adding 23,823 ETH valued at approximately $104 million to its corporate treasury. This move reinforces a broader trend of institutional accumulation, even as analysts point to conflicting market signals, including a substantial validator exit queue and key technical support levels under pressure.
Key Takeaways
- BitMine Immersion Technologies acquired 23,823 ETH, bringing its total treasury to 2.83 million ETH, worth around $12.4 billion.
- Institutional entities, including corporate treasuries and ETFs, now hold over 12.48 million ETH, representing more than 10% of the total supply.
- A record $10 billion worth of ETH is currently waiting in the validator exit queue, posing a potential risk of future selling pressure.
- Technical analysts are watching the critical $4,250-$4,300 support zone for Ethereum, which will likely determine its next major price movement.
BitMine Deepens Its Ethereum Commitment
BitMine Immersion Technologies (BMNR) expanded its significant Ethereum position on Thursday with the acquisition of 23,823 ETH. The transaction, valued at $103.7 million at the time, was identified by blockchain tracking service Lookonchain, which noted the funds originated from a BitGo wallet.
This purchase further solidifies BitMine's status as the largest public holder of Ethereum. The company's treasury now contains 2.83 million ETH, with an estimated market value of $12.4 billion. This latest acquisition is part of an aggressive accumulation strategy, following a separate purchase of 20,020 ETH worth $89.7 million just a week prior on October 3.
In total, BitMine has added over $193 million in Ethereum to its reserves within a seven-day period. The company, which includes Fundstrat co-founder Tom Lee on its leadership team, has publicly stated its goal of accumulating 5% of Ethereum's total circulating supply.
Navigating Market Headwinds
Despite its aggressive buying strategy, BitMine has faced market skepticism. On October 9, short-selling firm Kerrisdale Capital announced it had taken a bearish position against the company. Following the news of the latest ETH purchase, BMNR shares traded down 1.5% to close at $59.10.
The move comes as some analysts remain optimistic about Ethereum's price. Mark Newton, a technical analyst at Fundstrat, suggested that Ethereum could soon find a bottom before beginning a rally toward a target of $5,500.
The Growing Wave of Institutional Adoption
BitMine is not the only public company increasing its exposure to Ethereum. A growing number of firms are converting cash reserves and raising capital to acquire the digital asset, signaling a significant shift in corporate treasury management.
According to data from StrategicETHReserve, corporate treasuries now hold approximately 5.70 million ETH, which accounts for 4.71% of the total supply. In addition, spot Ethereum ETFs hold around 6.93 million ETH, or 5.73% of the supply.
Other Major Corporate Players
Several other companies have recently made headlines with their Ethereum strategies:
- Bit Digital: The Nasdaq-listed firm recently purchased an additional 31,057 ETH. Its total holdings have now reached approximately 150,244 ETH, valued at over $675 million. The company is pivoting from Bitcoin mining to focus more heavily on Ethereum infrastructure.
- SharpLink Gaming: The company disclosed holdings of 839,000 ETH with no debt. SharpLink plans to tokenize its common stock on the Ethereum network and stake a portion of its holdings on Linea, a Layer 2 scaling solution.
Institutional Holdings Reach Milestone
Combined, institutional treasuries and exchange-traded funds (ETFs) now hold more than 12.48 million ETH. This represents 10.31% of the network's total supply, highlighting the asset's growing appeal for large-scale investors and corporate entities.
This institutional demand has led some analysts, like those at crypto hedge fund XWIN Finance, to predict a potential price target of $10,000 for Ethereum during the current market cycle, citing broad trends in macro liquidity.
Conflicting Signals Create Market Tension
While corporate accumulation paints a bullish picture, other key metrics suggest potential challenges ahead for Ethereum's price. One of the most significant concerns is the growing queue of validators waiting to withdraw their staked ETH.
As of October 8, a record 2.44 million ETH, worth approximately $10 billion, was locked in the validator exit queue. The average wait time for validators to withdraw their funds has extended to over 42 days. This backlog is one of the largest since Ethereum's transition to a proof-of-stake consensus mechanism.
"Analysts warn that if a substantial portion of queued ETH is eventually unstaked and moved to exchanges, selling pressure could trigger retracement toward the $3,800 to $4,000 support zone."
This potential overhang of supply creates uncertainty, as the market must be able to absorb these unlocked tokens without a significant price decline. The situation is compounded by mixed signals from the decentralized finance (DeFi) and broader application ecosystem.
DeFi and User Activity Trends
The total value locked (TVL) in DeFi reached a milestone of $237 billion in the third quarter of 2025, according to DappRadar. Ethereum continues to dominate this sector, accounting for over 49% of the total with $119 billion in TVL.
However, user engagement has shown signs of weakness. The dapp industry saw a 22.4% decline in daily unique active wallets during the third quarter, averaging 18.7 million. This slowdown in user activity could suggest waning retail interest, which has historically been a key driver of market momentum.
Technical Outlook: A Critical Support Test
From a technical analysis perspective, Ethereum is at a critical juncture. The price is currently trading near the $4,330 level, just above a crucial support zone between $4,250 and $4,300. This area has provided a floor for the price on multiple occasions throughout September and October.
A failure to hold this support level could open the door for a deeper correction. Analysts have identified the next major support area in the range of $3,800 to $4,000. Such a move would be amplified if a large volume of ETH from the validator queue hits the market.
Conversely, if the support holds and the strong corporate buying continues, momentum could build for a push higher. Key resistance levels to watch are $4,412, $4,792, and the previous peak near $4,956. A decisive break above these levels could validate bullish price targets like the $5,500 prediction from Fundstrat.
For now, the market remains in a state of consolidation. The battle between strong institutional demand and the technical and on-chain headwinds will likely determine Ethereum's direction in the coming weeks.
