BitMine Immersion Technologies has reportedly added 27,316 ETH, worth roughly $113 million, to its corporate treasury this week, according to blockchain data shared by Lookonchain via Arkham Intelligence.
The transfer allegedly came from custody platform BitGo, though the company has yet to confirm the transaction.
Earlier this week, BitMine announced its total Ethereum holdings surpassed 3.3 million ETH, valued at around $13.2 billion.
This solidifies BitMine’s position as the largest Ethereum-holding corporation and the second-largest crypto treasury overall, behind Michael Saylor’s Strategy.
Led by Fundstrat co-founder Tom Lee, BitMine has outlined an ambitious goal of accumulating 5% of Ethereum’s total supply, positioning itself as a long-term backer of the blockchain’s expanding financial ecosystem.
The firm counts heavyweight institutional supporters such as Ark Invest’s Cathie Wood, Bill Miller III, Digital Currency Group, Founders Fund, Galaxy Digital, Kraken, and Pantera Capital.
Lee has been vocal about Ethereum’s potential, describing it as a “truly neutral chain” likely to win favor among Wall Street institutions and US policymakers.
At press time, Ethereum (ETH) has fallen 2.36% over the past 24 hours, trading around $4,000, according to The Block’s market data.
Last week, Lee also warned that Bitcoin’s volatility isn’t gone, and it could still fall by as much as half its value.
His comments come amid rising optimism that Bitcoin’s price swings have softened thanks to spot Bitcoin ETFs and increased institutional participation.
However, Lee cautioned that Bitcoin continues to move in tandem with traditional markets, and tends to amplify those moves.
“The stock market has more frequent 25% drawdowns,” he said. “So if the S&P is down 20%, Bitcoin could be down 40%.”
Lee added that while the broader economy has matured in recent years, Bitcoin’s correlation with equities means sharp corrections are still likely.
As reported, Lee has reaffirmed his bullish stance on Ethereum (ETH), revealing a $1.5 billion purchase following last weekend’s market crash.
Despite warning that digital asset treasuries (DATs) are trading below their net asset value (NAV), suggesting a potential bubble burst, Lee told Fortune he views the pullback as a long-term buying opportunity.
Lee’s move was mirrored by BitMine Immersion Technologies, which accumulated 379,271 ETH worth roughly $1.5 billion across three major purchases this week, according to data from Arkham Intelligence.
The mining firm now holds over 3 million ETH, or 2.5% of the total supply, making it one of the largest corporate holders of Ether.
BitMine reportedly aims to control 5% of all ETH in circulation, positioning itself as a key player in the Ethereum ecosystem.
