BitMine Immersion Technologies has expanded its Ethereum holdings by approximately 23,823 ETH, valued at around $104 million, according to data from Arkham Intelligence and Lookonchain.
Following this acquisition, BitMine now controls a total of 2.83 million ETH, which equates to roughly $12.4 billion at current market prices. This makes the company the largest corporate Ethereum holder and the second-largest holder overall, trailing only Strategy, led by Michael Saylor.
Corporate Ethereum Strategy
BitMine’s aggressive accumulation strategy is led by Tom Lee, co-founder of Fundstrat Global Advisors. The company has publicly stated its goal of acquiring 5% of Ethereum’s total supply, reinforcing ETH’s role as a global financial asset.
The recent purchase came from a wallet identified through on-chain analysis as BitGo address 0xF8c…338E7, which analysts associate with BitMine, although the company has not officially confirmed the transaction.
Ethereum Market Context
Institutional interest in Ethereum continues to rise:
- In August 2025, BitMine’s holdings exceeded 1 million ETH, marking a significant milestone in its corporate accumulation strategy.
- SharpLink Gaming, another major Ethereum holder, has amassed over 839,000 ETH, generating unrealized profits exceeding $900 million since June 2, 2025, with no debt obligations.
According to CryptoQuant, Ethereum is currently experiencing a peak development cycle, with staking, on-chain activity, and institutional demand reaching record highs.
Implications for Ethereum
BitMine’s latest purchase underscores Ethereum’s growing status as a corporate financial asset. As institutional investors continue to accumulate ETH, its global adoption and utility in financial services are expected to expand further.
