Key highlights:
- BitMine Immersion Technologies reportedly added 104,336 ETH worth $417 million to its Ethereum treasury.
- The ETH was transferred from Kraken and BitGo to three new wallets, though BitMine has not officially confirmed the purchase.
- The acquisition comes amid an ongoing market slump, with ETH down nearly 9% in the past week.
BitMine Immersion Technologies, the largest Ethereum corporate treasury company, has reportedly acquired another 104,336 ETH valued at approximately $417 million, according to on-chain data from Lookonchain and blockchain intelligence firm Arkham.
The transactions were executed across seven transfers from two wallets, one each from Kraken and BitGo, and sent to three new addresses now linked to BitMine. Despite these findings, BitMine has not officially confirmed the latest acquisition.
It looks like Bitmine(@BitMNR) just bought another 104,336 $ETH($417M).
Over the past 7 hours, 3 new wallets received 104,336 $ETH($417M) from #Kraken and #BitGo.
Despite the crypto market crash, Tom Lee still predicts $ETH will hit $10K by year-end.https://t.co/KewyZ4cAeP… pic.twitter.com/Vn5b9ijP2Z
— Lookonchain (@lookonchain) October 16, 2025
Strategic accumulation continues
Led by Fundstrat co-founder Tom Lee, BitMine has maintained a long-standing strategy to accumulate up to 5% of Ethereum’s total supply. As of its last confirmed update on October 13, BitMine held 3.03 million ETH, valued at around $12.2 billion. The new purchase, if confirmed, would bring its holdings closer to that 5% target, reinforcing its commitment to Ethereum’s growing role in global financial infrastructure.
Lee has been a vocal supporter of Ethereum, recently stating during Korea Blockchain Week that Ethereum is the “truly neutral chain” likely to gain institutional favor from both Wall Street and U.S. policymakers.
Buying the dip
The latest acquisition follows another substantial buy earlier in the week, when BitMine announced the purchase of 202,037 ETH during a sharp downturn in the crypto markets. This buying spree comes as ETH fell nearly 20% from its August peak of $4,946 to as low as $3,945 midweek, before stabilizing slightly above the $4,000 mark.
Despite the recent crypto market rout, which was the largest liquidation event in crypto history, BitMine appears to be doubling down on its bullish long-term outlook. Tom Lee has reaffirmed his prediction that ETH could reach $10,000 by the end of the year, aligning with other bullish forecasts from figures like Arthur Hayes.
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Source:: BitMine Immersion Buys $417M in ETH Amid Market Downturn