ETH Price Drops to IDR 69 Million, BitMine and SharpLink Gaming Fight for Ethereum Accumulation!

Jakarta, Pintu News – The price of Ethereum (ETH) has fallen back to the IDR 69 million level amid the volatility of the global crypto market. Interestingly, this condition is actually utilized by large companies such as BitMine and SharpLink Gaming who are aggressively accumulating significant amounts of ETH.

This strategic move confirms the institution’s confidence in Ethereum’s long-term prospects, even though in the short term the price is under pressure. This phenomenon is also a strong signal that large investors see the correction momentum as a golden opportunity.

BitMine’s Big Ethereum Purchase Amid a Falling Market

BitMine’s Tom Lee doesn’t miss an opportunity to buy Ethereum (ETH) when the price drops. With Ethereum’s price dropping from its 2025 peak of around $4,500, BitMine went on a buying spree again.

The company has just added 52,475 ETH worth $220 million to their coffers, acquired from the BitGo hot wallet. With this latest purchase, BitMine’s total ETH holdings now stand at 1.57 million ETH worth $6.6 billion.

This purchase comes after BitMine announced that it had become the second-largest crypto cash company, beating Bitcoin (BTC) miner MARA Holdings.

Since last week, BitMine has embarked on a buying strategy in times of market decline, with acquisitions totaling $1.7 billion in ETH. The company aims to own 5% of the altcoin’s total supply, and is using the recent price drop as an opportunity to strengthen their position in the market.

Also read: Chamath Palihapitiya Launches New $250 Million SPAC, What will it be Used for?

SharpLink Gaming Participates in ETH Accumulation Race

SharpLink Gaming, now the second-largest Ethereum cash firm, is also not left out in the ETH accumulation race. In a press release, the company announced that it had purchased 143,593 ETH at an average price of $4,648 between August 10 and 17.

Their total ETH holdings now amount to 740,760 ETH. Since June, when they started their cash strategy, SharpLink Gaming has earned 1,388 ETH from staking rewards.

With $84 million in unutilized funds, SharpLink Gaming could potentially use this market drop to increase their ETH amount. This could help them lower their average ETH purchase price and strengthen their position in the market. Currently, their ETH concentration is 3.87, an increase of 94% since June.

Also read: Michael Saylor relaxes stock sale rules, what does this have to do with Bitcoin?

Market Reaction and the Impact of the Jackson Hole Conference

Ethereum’s recent price drop was triggered by various factors, including market anticipation of the Jackson Hole conference held by the Federal Reserve.

Tom Lee, through a post on X, stated that many investors chose to wait until the conference was over, hoping to get clues on the next move from the Federal Reserve through Jerome Powell’s speech.

This has caused Ethereum’s price to drop by more than 4% today, and is now at risk of retesting the psychological $4,000 level for support. Data from the Strategic ETH Reserve shows that the overall Ethereum cash pool currently holds 4.10 million ETH worth $17.13 billion.

This represents slightly more than 5% of the altcoin’s total supply. This situation shows how important Ethereum’s price movements are to the financial strategies of these large companies.

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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Coingape. Tom Lee’s Bitmine Buys Ethereum Dip, Adds $220M in ETH. Accessed on August 20, 2025
• Featured Image: FX Empire