BitMine Immersion Technologies has reportedly increased its Ethereum (ETH) reserves by $104 million, according to on-chain data from Arkham Intelligence and Lookonchain.
The firm’s total ETH balance now stands at approximately 2.83 million tokens, worth about $12.4 billion, cementing its position as the largest corporate Ethereum holder worldwide.
Another Massive On-Chain Move
Blockchain analytics platforms detected a transfer of 23,823 ETH (valued at roughly $103.7 million) from a BitGo wallet to an address identified as belonging to BitMine — 0xF8c…338E7.
Although the company has not yet issued an official statement, Lookonchain analysts confirmed the connection based on previous transaction patterns.
This accumulation marks yet another step in BitMine’s aggressive acquisition strategy, which has made the firm one of the most influential institutional players in the Ethereum ecosystem.
Corporate Accumulation Race
Under the leadership of Tom Lee, co-founder of Fundstrat Global Advisors, BitMine has long pursued an ambitious target — to own 5% of Ethereum’s total supply.
The firm believes Ethereum will play a central role in future financial infrastructure and Web3 services.
Back in August 2025, BitMine’s reserves surpassed 1 million ETH, and its shares became among the most liquid crypto-related stocks in the U.S. markets. The latest purchase further confirms the company’s long-term bullish stance.
Institutional Demand for Ethereum Surges
BitMine isn’t the only firm accelerating its accumulation strategy.
SharpLink Gaming, another major corporate ETH holder, launched its own treasury accumulation plan in June 2025. Since then, the company has reported unrealized profits exceeding $900 million and currently holds more than 839,000 ETH — all while maintaining a zero-debt balance sheet.
Ethereum Enters a New Institutional Cycle
According to CryptoQuant, the Ethereum network is currently in one of its strongest growth phases ever.
Analysts highlight record-breaking institutional demand, staking levels, and on-chain activity, underscoring Ethereum’s shift from a technology platform to a strategic financial asset adopted by corporations worldwide.
