BitMine Immersion buys 104,336 ETH, expanding treasury toward 5%

BitMine Immersion Technologies purchased 104,336 ether on Thursday, worth about $417 million, moving the tokens from exchange custody into three newly created wallets, blockchain analytics firms reported. The acquisition is the latest in a series of large buys by the public mining and treasury company following a sharp market correction earlier this month, and brings total onchain-tracked purchases this week to roughly 379,271 ETH, or nearly $1.5 billion. Estimates place BitMine’s overall holdings at just over 3 million ether, representing roughly 2.5 to 2.7 percent of the circulating supply; the company aims to accumulate up to 5 percent over time.

Onchain records show the Thursday transfers originated from two exchange-hosted wallets linked to Kraken and BitGo and arrived in three addresses that analytics firms have associated with BitMine based on transaction patterns. BitMine has not issued a public confirmation of the latest moves. Market trackers noted the seven transactions that composed the transfer matched wallet behavior observed in the company’s earlier purchases this month.

The Thursday purchase follows a larger buy immediately after the Oct. 10-11 liquidation wave...