BitMine Immersion Technologies has expanded its Ethereum holdings with a massive addition of 104,336 ETH, valued at $417 million, strengthening its position as the largest corporate holder of the cryptocurrency. Blockchain tracker Lookonchain revealed that the funds were distributed across three new wallets in seven transactions linked to Kraken and BitGo, though BitMine has yet to confirm the move.
The firm, led by Fundstrat co-founder Tom Lee, now holds about 3.03 million ETH worth $12.2 billion. BitMine aims to control 5% of Ethereum’s total supply, highlighting its belief in Ethereum’s expanding role in global finance. Lee has emphasized that Ethereum’s neutrality makes it the preferred blockchain for institutional adoption, including potential use by Wall Street and U.S. policymakers.
The significant purchase comes as ETH trades 18.5% below its all-time high, following a major market liquidation. Analysts say the strong accumulation signals continued confidence in crypto’s long-term growth despite short-term volatility.