BitMine Acquires $417M in ETH Amid Rising Social Buzz

Ethereum (ETH) is currently drawing attention due to substantial accumulation by BitMine Immersion Technologies, chaired by Tom Lee. On October 16, they acquired an additional 104,336 ETH, valued at approximately $417 million. ETH

BitMine now holds the largest corporate stake in Ethereum with around 3.04 million ETH.
The ongoing volatility hasn't deterred institutional interest; public companies collectively hold about 4.63 million ETH, worth $19.13 billion.
95% of this ETH was purchased in Q3, indicating strong institutional confidence.
Ethereum's price fell from over $4,300 to around $4,000, losing $60 billion in market capitalization.
Institutional buying is seen as a bullish indicator, potentially leading to a supply squeeze and price rebound.

Social Media Activity

Ethereum-related discussions have surged on social media platforms, driven by key events such as large deposits by the Ethereum Foundation into DeFi vaults and strong ETF inflows.
A misexecuted $300 trillion PYUSD minting incident also caught massive attention.
Globally, Ethereum is being integrated into Bhutan’s national ID system, and remains a favored platform for developers in 2025.