Fundstrat co-founder Tom Lee’s BitMine investment firm has continued its aggressive buying spree of Ethereum, adding another 27,316 ETH worth roughly $113 million to its corporate treasury this week. This purchase follows a trend of significant Ethereum acquisitions by the company throughout October, bringing their total holdings to over 3.3 million ETH valued at around $13.2 billion — making it the largest Ethereum treasury globally and second-largest overall crypto treasury after MicroStrategy’s Michael Saylor. 2023 has been an active month for BitMine’s Ethereum accumulation: In October alone, they acquired over 660,000 ETH – a worth of more than $2.7 billion at current prices. The company’s massive holdings were further emphasized with an update on October 27th stating that their total assets now sit at $14.2 billion. BitMine’s aggressive buying strategy is not only driven by market interest, but also reflects a long-term bullish outlook on Ethereum as a key player in blockchain-based finance and its impact on the future of global financial systems. The firm’s success has attracted major institutional backing from investors including Ark Invest’s Cathie Wood, Bill Miller III, Digital Currency Group (DCG), Founders Fund, Galaxy Digital, Kraken, and Pantera Capital, further solidifying their position in the market. BitMine’s holdings are also significantly influencing the trading landscape for Ethereum, with its share of total digital asset treasury trading volume now at 34% – a major leap from 31% just last month. This trend is largely driven by institutional interest and growing belief that Ethereum will shape the future of finance, especially in DeFi (Decentralized Finance). This article dives deeper into BitMine’s aggressive buying spree, exploring the factors driving their investment decisions and their significant impact on the crypto market.