BitMine Secures $104 Million in ETH, Strengthening Its Treasury Position

TL;DR

• Massive Purchase: BitMine acquired 23,823 ETH worth $103.7 million, adding to a buying spree exceeding $190 million in under a week.
• Treasury Leadership: The firm now holds 2.83 million ETH valued at $12.4 billion, making it the largest public Ethereum holder and second only to Strategy overall.
• Mixed Market Response: Shares fell 1.5% after short-seller criticism, but analysts suggest Ethereum could rebound toward $5,500, potentially validating the firm’s strategy.
  

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BitMine Immersion Technologies has once again expanded its Ethereum holdings, acquiring 23,823 ETH valued at approximately $103.7 million. The move underscores the company’s aggressive strategy to dominate corporate Ethereum treasuries, even as critics question the sustainability of its approach. With this purchase, the firm continues to position itself as a central institutional player in Ethereum’s long-term future.

Bitmine keeps accumulating $ETH — 5 hours ago, they received another 23,823 $ETH($103.68M) from BitGo.https://t.co/DLOO6fgc7Khttps://t.co/w5uTBr9jZg pic.twitter.com/nScuFMDf5X

— Lookonchain (@lookonchain) October 10, 2025

Expanding Ethereum Holdings

Onchain data revealed that BitMine received the latest tranche of ETH from a BitGo wallet, a transaction flagged by Lookonchain. While the firm has not officially confirmed the acquisition, the transfer aligns with its recent buying spree. Earlier this month, the company added another $89.7 million in ETH, bringing its total purchases in just days to more than $190 million. These moves highlight BitMine’s determination to steadily accumulate Ethereum despite market volatility.

Largest Corporate ETH Treasury

With the latest acquisition, BitMine now controls around 2.83 million ETH, valued at roughly $12.4 billion. This makes it the largest public Ethereum holder and the second-largest overall crypto treasury, trailing only Michael Saylor’s Strategy. The company’s founder, Tom Lee, has repeatedly emphasized a long-term goal of capturing 5% of Ethereum’s total supply. By doing so, BitMine aims to establish itself as a backbone for Ethereum’s role in global financial services.

Market Reaction and Criticism

Despite the bold accumulation, not all observers are convinced. Short-seller Kerrisdale Capital recently labeled BitMine’s business model “a relic,” announcing a bearish position against the firm. Following the news, BitMine’s shares slipped 1.5% to close at $59.10, while Ethereum itself dipped 1.4% to $4,384. The skepticism reflects ongoing debate about whether such concentrated treasury strategies can withstand shifting market cycles.

Strategic Outlook

Supporters argue that BitMine’s timing could prove prescient. Fundstrat’s Mark Newton suggested Ethereum may be nearing a short-term bottom around $4,200, with potential to rebound toward $5,500. If that scenario materializes, BitMine’s aggressive accumulation could significantly enhance its balance sheet. For now, the company remains steadfast in its mission to secure a commanding stake in Ethereum’s future, betting that scale and conviction will outlast market doubts.