BitMine Immersion Technologies has significantly increased its Ethereum reserves by purchasing an additional 23,823 ETH for $103.7 million. This information was provided by analysts from Arkham Intelligence and Lookonchain, who tracked the transaction from the BitGo wallet through the address “0xF8c…338E7.” Despite the lack of official confirmation from the company, Lookonchain experts identified this wallet as an asset of BitMine.
This is reported by Business • Media
Strategy for Accumulating Crypto Assets
According to BitMine’s latest statement, the company’s portfolio has already accumulated 2.83 million ETH, equivalent to approximately $12.4 billion. This allows BitMine to maintain its status as the largest corporate owner of Ethereum in the world and the second-largest holder of cryptocurrencies, surpassed only by Strategy, led by Michael Saylor.
“BitMine has repeatedly stated its goal to accumulate 5% of the total supply of Ethereum and supports the expansion of its role in global financial services.”
The company’s CEO, Tom Lee, who is a co-founder of Fundstrat Global Advisors, consistently advocates for an aggressive asset accumulation policy. This strategy has already positioned BitMine as a leader among corporate ETH investors, and its shares have become some of the most liquid in the U.S.
Growth of Institutional Interest in Ethereum
In August 2025, BitMine’s Ethereum reserves exceeded 1 million ETH for the first time. The new acquisition indicates the continued implementation of the accumulation strategy and confidence in the potential of the second-largest cryptocurrency by market capitalization. Meanwhile, other market players are also increasing their assets: notably, SharpLink Gaming launched its own ETH accumulation program in June 2025, and since then, its unrealized profit has surpassed $900 million, with a total reserve exceeding 839,000 ETH. Additionally, SharpLink has no debt obligations, making its position even more stable.
According to experts from CryptoQuant, the Ethereum network is currently experiencing the strongest cycle in its history. Institutional demand, staking, and on-chain activity have reached record levels, underscoring Ethereum’s strengthening status as a global financial asset.