Although market volatility recently pushed Ether prices down from summer highs, BitMine proceeded with a large-scale accumulation, acquiring 104,336 ETH—roughly $417 million at the time—through transfers routed from Kraken and BitGo into three newly created wallets. The purchase, confirmed by blockchain intelligence firms that tracked the transfers and wallet attributions, occurred while ETH traded about 20% below its August peak, and was executed as part of a second sizable buy-in within the same week. The funds were split into three addresses, each receiving roughly $75 million in ETH, a pattern consistent with BitMine’s prior accumulation behavior, although the company has not publicly affirmed the transactions. Observers noted the timing coincided with a market slump driven by a major liquidation event, which temporarily depressed prices and offered institutional buyers an entry window. Lookonchain reported the transfers and Arkham data corroborated the flows. BitMine’s treasury now exceeds three million ETH according to previous reporting, underscoring its status as a dominant institutional holder 3.03 million ETH.
BitMine’s total ETH treasury now exceeds three million tokens, valuing the holding at approximately $12.2 billion and positioning the firm as the largest ETH treasury and the second-largest cryptocurrency treasury overall. This balance represents about 2.5% of total Ethereum supply, and the firm has stated a longer-term objective to accumulate roughly 5% of circulating ETH, signaling a strategic commitment to the asset that extends beyond short-term trading. The accumulation contributes to a broader trend of institutional demand, as treasuries and ETFs together now hold over 12.5 million ETH, roughly 10.3% of supply, and recent ETF inflows reversed prior outflows with a notable single-day intake.
Market analysts view BitMine’s moves as a bullish signal for institutional confidence in Ethereum, and several industry figures have offered optimistic price forecasts tied to continued adoption and clearer regulation. Tom Lee projects ETH reaching $10,000–$12,000 by late 2025, while Arthur Hayes suggests the token could more than double before year-end, with both commentators citing significant institutional buying as supportive. Caution remains warranted, however, as short-term volatility, regulatory uncertainty, and macroeconomic shocks could affect price discovery, making ongoing monitoring of onchain flows and market liquidity essential for investors.
