Key Insights:
- BitMine buys 27,316 ETH worth $113M amid the Fusaka upgrade.
- Total ETH holdings reach 3.3M coins valued at $13.3B.
- Firm targets 5% of Ethereum’s total circulating supply.
- Move highlights growing institutional trust in Ethereum.
BitMine Immersion has reportedly purchased 27,316 Ether (ETH) valued at approximately $113 million, according to blockchain data analyzed by Lookonchain using Arkham Intelligence. The acquisition was executed through wallet address “0xDc8…3a07f,” linked to the firm’s digital asset portfolio. Although the company has yet to confirm the transaction officially, it aligns with its previously stated intention to expand its Ethereum holdings.
Following this purchase, BitMine now holds an estimated 3.3 million ETH—representing about 2.8% of Ethereum’s circulating supply—with a total valuation of $13.3 billion at current market prices. This move strengthens BitMine’s status as the world’s largest public Ethereum holder and the second-largest overall cryptocurrency treasury, trailing only Strategy’s Bitcoin holdings of over 640,000 BTC.
Strengthening a Long-Term Ethereum Strategy
BitMine’s growing Ethereum position underscores its strategic emphasis on programmable financial infrastructure over traditional Bitcoin-centric investment models. The company’s focus on Ethereum is driven by the asset’s role as a foundation for decentralized finance (DeFi) and its potential for broad institutional adoption.
Beyond direct cryptocurrency holdings, BitMine has diversified its portfolio with investments such as an $88 million stake in Eightco Holdings. These ventures, described as “moonshot” projects, aim to foster innovation and expand the firm’s influence across the digital asset landscape.
Tom Lee(@fundstrat)'s #Bitmine just bought another 27,316 $ETH($113M) and currently holds 3.34M $ETH($13.3B).https://t.co/STJqKkdLMxhttps://t.co/EWFNQ8CMI9 pic.twitter.com/LjydR5CXVp
— Lookonchain (@lookonchain) October 29, 2025
Industry observers, including Fundstrat’s Tom Lee, have cited Ethereum’s neutrality, accessibility, and scalability as key factors driving institutional interest. The network’s ongoing Fusaka upgrade further supports its positioning as reliable infrastructure for financial applications, appealing to investors seeking long-term exposure to blockchain-based ecosystems.
Institutional Confidence Amid Market Volatility
Despite a recent 2.36% decline in Ethereum’s price, trading near $4,000 at the time of reporting, BitMine’s continued accumulation demonstrates sustained institutional confidence in the cryptocurrency’s long-term value. Analysts view the purchase as part of a calculated approach to balance market fluctuations with strategic asset growth.
With Ethereum’s role expanding beyond a digital asset to a programmable platform supporting decentralized systems, BitMine’s accumulation highlights a broader institutional trend. Corporations are increasingly viewing Ethereum as core infrastructure rather than a speculative investment.
As BitMine advances toward its 5% ownership goal, its growing treasury reflects the accelerating convergence between traditional finance and blockchain innovation. The firm’s methodical strategy positions it at the forefront of corporate cryptocurrency adoption, reinforcing Ethereum’s evolving role within global financial systems.
