BitMine Becomes Largest Corporate Ethereum Holder After ETH Purchases

BitMine Immersion Technologies moved again to expand its Ethereum holdings during last week’s market volatility, buying large blocks of ETH and pushing its reported treasury to more than 2.5 percent of the cryptocurrency’s circulating supply. Onchain trackers and company statements show multiple transfers into BitMine-controlled wallets during the selloff, and the firm reiterated its long-term goal of accumulating 5 percent of Ethereum’s supply.

Blockchain data and disclosures published over the past week indicate several sizable purchases, with individual reports putting recent additions in the tens to hundreds of thousands of ETH and total holdings variously reported between roughly 2.8 million and just over 3.0 million ETH. Some transfers were traced to custodial wallets, including those associated with major exchanges and custodians. BitMine said it acquired 202,037 ETH over a multiday stretch, adding that the purchase pushed its total holdings past the 3 million mark and beyond 50 percent of its 5 percent target. Tom Lee, BitMine’s chairman, described the buying as opportunistic amid a broader market correction, saying the company had "pushed our ETH holdings to over 3...