On-chain data shows BitMine Immersion Technologies added 104,336 ETH (≈ $417 million) to its treasury during a recent crypto market pullback.
Key Takeaways:
- The ETH was transferred in seven transactions from wallets linked to Kraken and BitGo, moving into three newly funded addresses.
- BitMine’s disclosed ETH holdings now sit at roughly 3.03 million ETH, making it the largest ETH treasury among public firms.
- The acquisition comes amid a weakening market phase for Ethereum, with technical indicators showing neutral to slight bearish pressure.
On-chain analytics platforms, including Arkham and Lookonchain, have identified seven transactions transferring 104,336 ETH (worth approximately $417 million) with 3 new wallets tied to BitMine Immersion Technologies as recipients. The inflows came from custodial accounts at Kraken and BitGo, aligning with the firm’s previous accumulation behavior. Also, Lookonchain emphasized on its X (formerly Twitter) post flagging the Bitmine accumulation that Tom Lee is still firm on believing that ETH could rally up to $10K at the end of 2025.
While BitMine has yet to release an official statement, its public disclosures already indicated significant exposure to Ethereum, valued at roughly 3.03 million ETH, valued at over $12 billion before the market decline. The move appears to be part of BitMine’s long-term goal of amassing about 5% of the total Ethereum supply, signaling sustained institutional confidence in the DeFi ecosystem despite near-term market pressure.
Market Analysts Split on BitMine’s Aggressive Treasury Strategy
BitMine’s continued acquisition streak has reignited debate among institutional investors and market observers. Some, like Fundstrat’s Tom Lee, interpret the accumulation as a bullish indicator for Ethereum’s long-term value, reinforcing its role in smart contracts and decentralized applications.
However, skeptics are growing louder. Hedge fund Kerrisdale Capital, which recently disclosed a short position against BitMine’s stock, has criticized the company’s “crypto-treasury-first” model. The firm warns that shrinking NAV premiums and recurring share dilution could undermine shareholder value even as crypto assets appreciate.
Despite such critiques, BitMine’s equity performance has generally correlated with its Ethereum position, with the company’s stock showing upward momentum after major accumulation reports.
ETH Slides Near $4K Amid BitMine Buy-In
At the tine of writing (9:45AM UTC), TradingView’s rea;-time data shows Ethereum (ETH) is trading at approximately $4,036.32, reflecting a drop of 2.9% over the past 24 hours. The token peaked intraday highs near $4,156.69 and lows around $3,944.17, according to CoinGecko.
Meanwhile, the broader cryptocurrency market has cooled following last week’s rally, with investors turning cautious ahead of upcoming macroeconomic data.
On technical perspective, RSI stands near 49, which signals a neutral momentum for the token. However, MACD remaining in its negative value still suggests downward momentum. The market’s reaction to BitMine’s buy-in has been subdued, as traders weigh whether institutional accumulation can offset broader risk-off sentiment.
Outlook: BitMine’s Accumulation Faces Market Test
BitMine’s $417 million ETH purchase reinforces its status as Ethereum’s largest corporate holder, signaling strong institutional confidence. However, volatility and investor dilution concerns remain.
Ethereum’s near-term support lies around $3,800–$4,000, with resistance at $4,250–$4,400. How ETH responds to these levels will likely determine whether BitMine’s accumulation translates into meaningful gains or faces headwinds in a choppy market.
Summary
BitMine added 104,336 ETH (~$417M) via seven transfers from Kraken/BitGo to three new wallets, lifting disclosed holdings to ~3.03M ETH. While opinions split on its treasury-heavy strategy, ETH hovered near $4K with neutral-to-bearish signals; market reaction to the buy-in remained muted.
