James Richardson
BitMine Immersion Technologies has reportedly added 104,336 ETH, valued at approximately $417 million, to its corporate Ethereum treasury, according to blockchain data released on Wednesday.
Analytics platform Lookonchain, citing data from Arkham Intelligence, revealed that the ETH was transferred through seven separate transactions across three new wallets. The inflows originated from two custodial sources—Kraken and BitGo—though BitMine has yet to officially confirm the transactions.
As of October 13, BitMine’s confirmed Ethereum holdings stood at 3.03 million ETH, valued around $12.2 billion. With this latest acquisition, the company further cements its status as the largest Ethereum holder in the world and the second-largest overall crypto treasury, trailing only Michael Saylor’s MicroStrategy.
Led by Fundstrat co-founder Tom Lee, BitMine has consistently emphasized its ambition to own 5% of Ethereum’s total supply, framing its strategy as a long-term commitment to supporting Ethereum’s role in global finance and on-chain market infrastructure.
Tom Lee Reaffirms Confidence in Ethereum’s Future
Tom Lee has repeatedly voiced his confidence in Ethereum’s long-term potential. Speaking at Korea Blockchain Week last month, Lee stated that both Wall Street institutions and U.S. policymakers are likely to favor Ethereum’s neutrality and flexibility in future blockchain-based financial systems.
According to Lee, Ethereum’s network efficiency and developer ecosystem give it a structural advantage in the next phase of institutional blockchain adoption.
Ethereum Purchase Comes During Market Downturn
BitMine’s aggressive ETH acquisition took place amid a sharp market correction, with Ethereum’s price down 8.7% over the past week, trading near $4,028, according to PRIME’s price data. ETH currently sits 18.5% below its all-time high of $4,946.
The broader cryptocurrency market remains cautious following what analysts have called the largest liquidation event in crypto history, which wiped out billions in leveraged positions.
Analysts See Long-Term Strength Despite Market Turbulence
Despite the short-term volatility, analysts maintain that crypto fundamentals remain robust.
“Those flushed out in recent liquidations are dedicated crypto believers—they view digital assets as an investable class and tend to use leverage,” said Paul Howard, Senior Director at Wincent. “These market participants aren’t leaving; they’re simply recalibrating.”
