BitMine has once again swallowed 27,316 ETH: total holdings exceed 3.3 million, aiming for a 5% market share.

On-chain data shows that BitMine Immersion Technologies recently purchased 27,316 Ether (ETH) through a wallet associated with BitGo, valued at approximately $113 million at current prices. This move has pushed its total Ether holdings to over 3.3 million, with a total value exceeding $13 billion, making it the publicly traded company with the largest Ether holdings in the world. Under the leadership of Fundstrat co-founder Tom Lee, BitMine is continuing to move towards its ambitious goal of holding 5% of the total circulating supply of Ether, demonstrating institutional investors' strong confidence in the long-term value of Ether.

On-chain Activity Confirmation: BitMine Large Increase in Ethereum Holdings

According to a report from the on-chain tracking platform Lookonchain, BitMine Immersion Technologies completed a large purchase of Ether this Tuesday, buying 27,316 ETH through the wallet address “0xDc8…3a07f” associated with the custodian BitGo. Although BitMine has not officially confirmed this specific transaction, on-chain data analysts have cross-validated the wallet activity with its publicly disclosed Holdings.

The increase in holdings occurred after BitMine announced that its total Ethereum holdings surpassed 3.3 million ETH, a staggering number that has pushed its asset value over $13 billion. The company's holdings have surpassed all other enterprises, making it the largest Ethereum treasury in the business world. In terms of total cryptocurrency holdings, BitMine is currently second only to MicroStrategy, which primarily holds Bitcoin.

Ambitious Goal: Aiming to hold 5% of the total supply of Ether

BitMine's corporate treasury strategy is a prominent signal increasingly adopted by institutions in the Ethereum ecosystem. The company's long-term goal is to hold 5% of the total circulating supply of Ethereum. Given the current circulating supply of approximately 124 million Ether, this means BitMine ultimately plans to accumulate over 6.2 million ETH.

Although the company has not yet announced a timeline for achieving this goal, the recent continued whale-level buying activity indicates that it is steadily moving towards its target. BitMine views Ethereum as its core asset and incorporates it into a broader cryptocurrency investment strategy. Recent upgrades to the Ethereum network and the trend of adoption by mainstream financial institutions have made it a favored investment target for digital asset companies.

Strong institutional background and leadership support

BitMine's investment strategy has received strong support from several industry veterans and top institutional investors. The company is led by Tom Lee, co-founder of Fundstrat Global Advisors. Tom Lee has publicly expressed his support for Ether, calling it a “truly neutral chain,” and has predicted that Wall Street and U.S. government agencies may lean towards using Ethereum for blockchain infrastructure development in the future.

The list of supporters for BitMine is impressive, including Ark Invest led by Cathie Wood (, Galaxy Digital, Pantera, as well as one of the mainstream CEXs, Founders Fund, Bill Miller III, and Digital Currency Group )DCG(. The participation of these well-known investors not only enhances market confidence in BitMine's strategy but also reflects a strong appetite among institutions for gaining exposure to Ethereum risk through corporate treasuries.

Market Reaction Calm: Focus on Long-term Value Rather than Short-term Fluctuations

Despite BitMine's significant accumulation being a major headline in the market, the price of Ethereum has dropped by about 2.36% in the past 24 hours, hovering around $4,000. Historically, large corporate purchases of cryptocurrency often have a complex impact on short-term prices. This event also failed to offset the short-term selling pressure brought on by broader market factors, such as macroeconomic uncertainty.

BitMine has yet to comment on the recent price pullback, as the company seems to be focused on its long-term treasury strategy, unaffected by short-term market fluctuations. Analysts will continue to track wallet activity related to BitMine to look for signals of further accumulation of Ethereum in the short term. For investors, BitMine's actions represent an institutional-level bullish signal, indicating that Ethereum's core value as a programmable currency and future financial infrastructure is being deeply recognized.

Conclusion

BitMine's continuous accumulation of Ether not only brings immense purchasing power to Ether but also sends a clear signal to the market: institutions are confident in the long-term value and strategic position of Ether. As more and more institutions incorporate Ether into their balance sheets, this treasury-driven purchasing trend may become a significant support force in the future market. While investors pay attention to short-term price fluctuations, they should also focus on the growing influence of Ether in institutional and mainstream finance.