The third quarter of 2025 witnessed significant developments in the cryptocurrency market. Ethereum [ETH] experienced a surge, reaching $4,900 in mid-August, primarily driven by the adoption of Digital Asset Treasuries (DATs). Institutional demand soared, propelling ETH to a remarkable 66.76% gain during Q3 2025.
BitMine (BMNR) emerged as a key player during this period, with a substantial accumulation of Ethereum. The transactional history on CoinGecko revealed 11 separate ETH transactions by BMNR in Q3 alone, leading to a massive increase in their Ethereum balance from 163k to 2.6 million by the end of September.
Source: CoinGecko
The significant increase in BMNR’s Ethereum balance highlighted the company’s bullish stance on ETH. Their stock profile received a boost, with a 45% jump in the third quarter, reflecting market confidence in their treasury moves.
DAT sentiment divergence puts Ethereum rally in question
Despite market uncertainties, BitMine continued to show confidence in Ethereum. In Q4, BMNR made nine ETH transactions, accumulating a total of 3.7 million Ethereum. However, Ethereum’s performance in Q4 has been lackluster, with a 26% decline, raising concerns about the sustainability of the rally.
Source: X
The numbers indicate a divergence in sentiment. Despite BMNR’s significant accumulation, Ethereum’s value has declined, posing a challenge to the sustainability of the rally. The market dynamics are evolving, with the “hype” around DATs potentially fading.
Final Thoughts
- Q3 2025 witnessed BMNR accumulating 2.44 million ETH, fueling ETH’s impressive rally to $4,900.
- Q4 has been relatively quiet, with BMNR adding 900k ETH, but ETH experiencing a 26% decline, signaling a potential fade in catalyst.