Blockchain Data Reveals BitMine’s $417M ETH Treasury Boost Amid Market Weakness
On-chain data indicates that BitMine Immersion Technologies capitalized on lower prices to significantly expand its Ethereum reserves. According to analysis by Lookonchain using Arkham intelligence, the firm channeled $417 million (104,336 ETH) into three new treasury addresses this Wednesday.
The transactions originated from wallets associated with major exchanges Kraken and BitGo. While yet to be officially confirmed by BitMine, this purchase would bring the company’s known holdings to over 3.03 million ETH, solidifying its status as the second-largest corporate crypto treasury globally, behind only MicroStrategy’s Bitcoin hoard.
This accumulation is a direct step towards BitMine’s ambitious target of controlling 5% of Ethereum’s entire supply.
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