BitMine Expands Ethereum Treasury with $104 Million Purchase
BitMine Immersion Technologies (BMNR) has significantly expanded its Ethereum reserves, acquiring 23,823 ETH valued at approximately $103.7 million. The move further cements the company’s leadership in institutional crypto accumulation, according to onchain data shared by Lookonchain and Arkham Intelligence. The transfer reportedly originated from a BitGo wallet, though BitMine has not yet confirmed the acquisition publicly.
Onchain Data Reveals Major Transaction
Blockchain tracking platforms identified the transaction moving ETH from the wallet “0xF8c … 338E7” to BitMine’s address. While the wallet remains unlabelled on Arkham, Lookonchain verified it as belonging to BitMine.
This large-scale transfer reflects the company’s consistent strategy of expanding its crypto treasury amid ongoing institutional adoption of Ethereum. Industry analysts say the acquisition reinforces BitMine’s commitment to blockchain-based financial infrastructure.
BitMine’s Strategic Accumulation Goals
BitMine currently holds roughly 2.83 million ETH, valued at about $12.4 billion, according to The Block. This position makes it the largest corporate holder of Ethereum and the second-largest overall crypto treasury behind Michael Saylor’s Strategy.
CEO Tom Lee, who co-founded Fundstrat Global Advisors, has previously outlined BitMine’s long-term objective of owning five percent of Ethereum’s total circulating supply. The firm sees Ethereum as central to the future of tokenized financial services.
Institutional Support Strengthens Ethereum’s Market Role
By adding another $104 million in ETH, BitMine underscores growing institutional conviction in Ethereum’s long-term viability. The network’s expanding presence in decentralized finance and tokenized assets continues to attract corporate treasuries seeking diversified blockchain exposure. Analysts note that this level of institutional engagement supports Ethereum’s reputation as the foundation for next-generation financial markets.
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Market Reaction and Price Overview
Despite the high-profile acquisition, BitMine’s stock (BMNR) closed 1.5% lower on Thursday, settling at $59.10. Ethereum mirrored the trend, dipping 1.4% over the same period to trade around $4,384, based on data from The Block’s ETH price index. Short-term volatility aside, market observers say BitMine’s ongoing ETH purchases may strengthen price stability by reducing available supply.
Analysts View Move as Long-Term Signal
Financial experts interpret BitMine’s latest acquisition as part of a calculated expansion strategy rather than short-term speculation. By targeting a specific share of Ethereum’s total supply, the company positions itself as a key liquidity anchor in the institutional crypto ecosystem. Analysts predict continued corporate treasury participation could further legitimise ETH as a core digital asset for large-scale investment portfolios.
Outlook: BitMine Leads Institutional Ethereum Accumulation
As Ethereum’s influence in global finance continues to grow, BitMine’s aggressive accumulation signals a clear bet on blockchain’s integration into traditional markets. With more institutions exploring Ethereum for settlements and smart contract applications, BitMine’s strategy could set a precedent for how corporate treasuries manage digital assets. The latest $104 million addition reinforces its leadership in the race to institutionalise crypto at scale.
