BitMine Immersion Technologies has reportedly added 104,336 Ethereum (ETH)—valued at roughly $417 million—to its corporate treasury, according to on-chain data shared by analytics platform Lookonchain.
It looks like Bitmine(@BitMNR) just bought another 104,336 $ETH($417M).
— Lookonchain (@lookonchain) October 16, 2025
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
The transactions, traced through data provider Arkham, show that the Ethereum was transferred to three new addresses through seven separate transactions. The transfers appear to have originated from wallets linked to Kraken and BitGo, though BitMine has not yet issued an official statement confirming the purchase.
If accurate, the acquisition further strengthens BitMine’s position as the largest Ethereum-holding corporate treasury in the world. As of October 13, the firm reported 3.03 million ETH in holdings—valued at approximately $12.2 billion at the time—making it the second-largest crypto treasury globally, behind Michael Saylor’s MicroStrategy, which remains dominant in Bitcoin accumulation.
Founded by Tom Lee, co-founder of Fundstrat Global Advisors, BitMine has consistently emphasized its long-term commitment to Ethereum. The company has previously announced plans to accumulate 5% of Ethereum’s total circulating supply, citing the blockchain’s expanding role in decentralized finance and institutional applications.
Lee has also publicly praised Ethereum’s neutrality and long-term potential. Speaking at Korea Blockchain Week last month, he described the network as a “truly neutral chain” that both Wall Street and U.S. policymakers are likely to embrace in future blockchain initiatives.
The sizable ETH purchase comes during a period of market weakness. Over the past week, Ethereum’s price has fallen 8.7%, trading around $4,028, according to data. The cryptocurrency remains roughly 18.5% below its all-time high of $4,946.
The broader crypto market has also been under pressure following what analysts have called the largest liquidation event in crypto history, which erased billions in leveraged positions over the weekend. Despite the downturn, market experts remain optimistic about the sector’s long-term outlook.
“Those who were liquidated are crypto believers—they already view digital assets as a core investment class,” said Paul Howard, Senior Director at Wincent. “They’re not leaving the market; they’re just resetting their positions.”
