BitMine Immersion Technologies, led by Fundstrat co-founder Tom Lee, has added another 27,316 ETH worth about $113 million to its corporate treasury this week, continuing its aggressive Ethereum buying strategy.
Data from Lookonchain, using Arkham Intelligence, showed the purchase was made through BitGo on Tuesday. While BitMine has not confirmed this specific transaction, it aligns with the company’s regular pattern of large-scale Ethereum acquisitions.
Just a day before the purchase, BitMine announced that its total holdings had exceeded 3.3 million ETH, valued at around $13.2 billion at current prices. This milestone makes it the largest Ethereum holder globally and the second-largest crypto treasury overall, behind MicroStrategy.
October has been BitMine’s most active buying month, adding more than 660,000 ETH worth over $2.7 billion in total. Its latest treasury report on October 27 placed total assets at $14.2 billion, including 3,313,069 ETH, 192 BTC, an $88 million stake in Eightco Holdings (NASDAQ: ORBS), and $305 million in cash reserves.
The company’s October purchases include 23,823 ETH on October 10, 128,718 ETH on October 13 during a market dip, and 104,336 ETH on October 16. The most recent 27,316 ETH buy reinforces its “buy-the-dip” strategy.
Tom Lee has described Ethereum as a “truly neutral chain,” predicting it will gain institutional and regulatory support in future financial systems. Major investors backing BitMine include Ark Invest’s Cathie Wood, Bill Miller III, Digital Currency Group, and Pantera Capital.
BitMine’s stock, traded as $BMNR, is among the top 50 most-traded U.S. equities, with a $1.5 billion five-day average volume.
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