BitMine Immersion Technologies has bolstered its reserves with an acquisition of 104,336 ETH valued at $417 million, according to analysts at Lookonchain citing Arkham data.
It looks like Bitmine(@BitMNR) just bought another 104,336 $ETH($417M).
Over the past 7 hours, 3 new wallets received 104,336 $ETH($417M) from #Kraken and #BitGo.
Despite the crypto market crash, Tom Lee still predicts $ETH will hit $10K by year-end.https://t.co/KewyZ4cAeP… pic.twitter.com/Vn5b9ijP2Z
— Lookonchain (@lookonchain) October 16, 2025
The funds were transferred to three new addresses through seven transactions from wallets belonging to the Kraken exchange and custodian BitGo. BitMine has not officially confirmed the transaction.
Currently, the company holds 3.03 million ETH worth $12.18 billion, making it the largest corporate holder of Ethereum. The firm is led by Fundstrat co-founder Tom Lee.
The head of BitMine has consistently supported the second-largest cryptocurrency by market capitalization. In a recent CNBC interview, he predicted a “grand rally” for Bitcoin and Ethereum in the fourth quarter.
Market Conditions
The $417 million purchase occurred amid a market correction. Over the past seven days, Ethereum’s price has fallen by 9.7% to $4036. The asset is trading 18.6% below its all-time high, according to CoinGecko.
Analysts note that despite the recent wave of liquidations, the market’s fundamental indicators remain robust, laying the groundwork for further growth.
“Crypto evangelists have suffered—they believe so strongly in cryptocurrency as an investment asset that they speculate using leverage. These individuals are not going anywhere,” remarked Wincent’s senior director Paul Howard.
Earlier, on October 13, BitMine acquired 202,037 ETH at a discount, taking advantage of the downturn in the digital asset sector.