Tom Lee’s BitMine buys 27316 ETH Worth $113 Adding to $13B Treasury

TLDR

BitMine purchased 27,316 ETH worth $113M through a BitGo-linked wallet.
BitMine’s Ethereum holdings have now crossed 3.3 million ETH in total.
The company aims to own 5% of Ethereum’s total circulating supply.
BitMine is backed by Ark Invest, Galaxy Digital, Kraken, and others.

BitMine Immersion Technologies has added $113 million worth of Ethereum (ETH) to its corporate treasury, according to data from Lookonchain. This comes days after the company disclosed its holdings had crossed 3.3 million ETH, currently valued at approximately $13.2 billion. BitMine, under the leadership of Fundstrat co-founder Tom Lee, continues to expand its ETH position as part of a broader accumulation strategy backed by major institutional investors.

New ETH Acquisition Confirmed by Onchain Activity

Onchain tracking platform Lookonchain reported that BitMine Immersion Technologies acquired 27,316 ETH on Tuesday. The purchase was completed through crypto custodian BitGo, using the wallet address “0xDc8…3a07f.” The value of the transaction, based on current prices, stands at around $113 million.

The transfer has not been confirmed directly by BitMine, but analysts monitoring blockchain data noted the alignment between the company’s known holdings and the wallet activity. Lookonchain used data provided by Arkham to identify the wallet’s movements and connection to BitMine.

This new acquisition follows a public disclosure made by BitMine on Monday, where the firm announced that its total Ethereum holdings now exceed 3.3 million ETH. At current market value, that puts the company’s ETH assets at over $13 billion.

BitMine Now Holds the Largest ETH Treasury

According to the company’s announcement, BitMine currently holds the largest Ethereum treasury among corporations. The firm’s strategy puts it ahead of other institutions in terms of ETH accumulation. It is now the second-largest overall crypto treasury after MicroStrategy, which has accumulated a larger Bitcoin position under Michael Saylor’s leadership.

BitMine’s goal is to hold 5% of Ethereum’s total circulating supply. This target would mean accumulating over 6.2 million ETH based on the current supply of roughly 124 million ETH. The company has not specified a timeline for this goal, but recent wallet activity shows that BitMine continues to move toward that figure.

The treasury initiative is part of BitMine’s broader crypto investment strategy, which focuses on Ethereum as a core asset. Ethereum’s recent network upgrades and its adoption by various financial institutions have made it a preferred asset among digital asset firms.

Leadership and Institutional Backing

BitMine is led by Tom Lee, who co-founded Fundstrat Global Advisors. Lee has spoken publicly in support of Ethereum, calling it a “truly neutral chain.” He has said that Wall Street and U.S. government agencies may favor Ethereum for blockchain-based infrastructure in the future.

The company has backing from several well-known institutional investors. These include Ark Invest, led by Cathie Wood, as well as Galaxy Digital, Kraken, Pantera, and the Founders Fund. Other supporters include Bill Miller III and Digital Currency Group (DCG), all of whom have shown interest in blockchain and digital assets over the past few years.

Their involvement suggests a growing institutional appetite for Ethereum exposure through corporate treasuries. The support from these investors also signals confidence in BitMine’s strategy and its long-term focus on Ethereum.

Market Reaction and ETH Price Movement

Ethereum’s price dropped 2.36% in the past 24 hours, currently trading at around $4,000. The market has shown mixed reactions to large treasury moves in the past, and this event was no exception. While the accumulation of ETH by a major firm usually signals long-term confidence, price movements remain driven by broader market conditions.

No official statement has been made by BitMine in response to the recent price dip. The company has remained focused on its treasury strategy regardless of short-term market trends.

Analysts are continuing to track the wallet activity tied to BitMine, which may indicate further ETH acquisitions in the near term.

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