BitMine Immersion Technologies meaningfully increased its Ethereum holdings on Thursday, acquiring 104,336 ETH, worth about $417m, in what appears to be another push to bolster its crypto reserves.
According to Lookonchain data drawn from Arkham, the ETH landed in three new addresses via seven transactions hailing from two wallets tied to Kraken and BitGo. BitMine did not publicly confirmed the move.
With the latest addition, the firm now holds roughly 3.03m ETH, valued at about $12.2b. That growing position supports its mission to amass 5% of Ethereum’s total supply while reinforcing ETH’s role in capital markets.
BitMine’s chairman Tom Lee, a longtime crypto bull, remains vocal about his price expectations.
He said on a recent podcast that he sees ETH hitting $10,000 to $12,000 by year-end, describing the forthcoming rally as true price discovery rather than just a speculative spike.
BitMine’s recent accumulation comes on the heels of an earlier record purchase. During a major crypto market dip, the company spent over $827m acquiring ETH, a timing that captured demand from panic sellers amid a weekend that saw $19b in leveraged positions liquidated.
Lee and other market watchers point to potential Federal Reserve rate cuts, growing institutional adoption and clearer regulation as catalysts that could stoke further crypto gains.
Ethereum itself is feeling the pressure of these dynamics. The asset last traded down 2.1% at $4,023. Still, it has gained nearly 55% over the past year, indicating both volatility and underlying demand.
BitMine’s aggressive buying strategy mirrors growing corporate interest in digital asset treasuries. As more firms adopt ETH accumulation to diversify and hedge, the impact on supply dynamics and market psychology could be substantial.
BitMine’s moves are already serving as a signal in the market, a reminder that large aggregate demand can shift narratives as much as price charts.
