BitMine Immersion Technologies has aggressively increased its Ethereum holdings, acquiring 104,336 ETH worth approximately $417 million during a recent market downturn.
Although the company has not officially confirmed the transaction, blockchain analytics firm Lookonchain reported the purchase was executed through seven transactions on Kraken and BitGo.
Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world
This acquisition reinforces BitMine's position as the world's largest Ethereum owner, with an official treasury now standing at a staggering 3.03 million ETH ($12.2 billion).
The move is in line with the company's publicly stated goal of accumulating 5% of all Ethereum, a strategy championed by its leader, Fundstrat co-founder Tom Lee, who has repeatedly endorsed ETH as a "truly neutral chain" poised for institutional adoption.