The blockchain infrastructure firm strengthens its position as the largest institutional holder of ETH amid growing corporate adoption.
BitMine Immersion Technologies (BMNR) has reportedly added 23,823 ETH, valued at approximately $103.7 million, to its corporate Ethereum treasury this week, according to on-chain data analyzed by Lookonchain. The purchase reinforces the company’s long-term accumulation strategy and solidifies its standing as the largest corporate holder of Ethereum globally.
Blockchain tracking platforms indicate that the ETH transfer originated from a BitGo-linked wallet, moving to the address beginning with 0xF8c…338E7. While BitMine has yet to publicly confirm the transaction, several analytics firms have verified wallet activity consistent with BitMine’s past accumulation behavior.
The company now officially holds 2.83 million ETH, estimated to be worth around $12.4 billion, maintaining its position as the second-largest crypto treasury after Strategy’s Bitcoin holdings. BitMine’s management has stated multiple times that its goal is to accumulate 5% of Ethereum’s total supply, citing confidence in the network’s role in tokenized finance and smart contract infrastructure.
“Institutional conviction in Ethereum continues to strengthen, especially among firms like BitMine that view ETH as a digital commodity with yield potential,” said BITX digital asset strategist. “This kind of steady accumulation is a clear signal of long-term confidence rather than short-term speculation.”
Market reaction was subdued following the report. BMNR shares slipped 1.5%, closing Thursday’s session at $59.10, while Ethereum declined 1.4%, trading near $4,384. Analysts note that ETH price stability despite large inflows suggests growing market depth and institutional liquidity.
“The broader implication is that Ethereum is evolving from a development ecosystem into a corporate-grade asset class,”. “If BitMine continues its pace, it could shape the institutional landscape for ETH exposure.”
As institutional accumulation accelerates, BitMine’s latest move underscores the increasing integration of Ethereum into corporate balance sheets, a trend many expect to intensify as tokenized finance matures.
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