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BitMine acquires an additional $820 million of ethereum

Meanwhile, investment management firm VanEck filed for a staked ethereum ETF with decentralized finance giant Lido.

10/20/25 11:55AM

BitMine announced purchasing around $820 million worth of ethereum last week, according to a press release, bringing its collective holdings to over 3.2 million tokens or $13 billion at current prices. BitMine’s stash of ethereum now makes up roughly 2.7% of the cryptocurrency’s total supply.

Shares of BitMine Immersion Technologies rose on the news, as ethereum struggles to stay near the $4,000 mark after dipping under $3,800 over the weekend.

BitMine Chairman Tom Lee said ethereum is facing downward pressure as a result of the October 10 deleveraging event, which triggered over $19 billion in liquidations. “This price dislocation represents an attractive risk/reward,” Lee argued.

Meanwhile, investment management firm VanEck filed for an ETF that would give investors exposure to ethereum staking through Lido, a decentralized finance heavyweight with a total value locked of $34.2 billion.

Last week was rough for US spot ethereum ETFs, which saw nearly $232.3 in outflows on Friday alone, bringing last week’s outflows to $311.8 million in outflows in total, data from SoSoValue shows.

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BlackRock’s IBIT on track for its worst month of net outflows, as investors yank $2.3 billion from the bitcoin ETF in November

BlackRock’s iShares Bitcoin Trust ETF, the world’s largest bitcoin fund, is heading for its worst month of outflows since it launched in January 2024.

Investors have pulled over $2.3 billion (net) throughout November so far. The jitters come as bitcoin grapples with its worst downturn since 2022, when the entire crypto world shook following the fall of Sam Bankman-Fried’s FTX — bitcoin has dropped more than 40% from its October high as of Monday’s close.

With their soaring popularity redefining and legitimizing cryptocurrencies at an institutional level, spot bitcoin ETFs have become a key barometer of wider investor sentiment surrounding the digital currency — as well as risk assets more broadly.

Notably, spot bitcoin ETFs like BlackRock’s iShares Bitcoin Trust tend to see their inflows accelerate with rising prices, and amplify falling prices when outflows become dominant. Citi Research, cited by Bloomberg, found that this feedback loop sees a ~3.4% price drop for every $1 billion pulled out from bitcoin ETFs.

Related reading: Bitcoin’s plunge produces technical signal that implies 60% more downside to come

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