tl;dr
On October 5, 2025, BitMine Immersion acquired $113 million in Ethereum (ETH), becoming the largest public holder of the asset. The purchase, revealed via blockchain data, involved 27,316 ETH, boosting its holdings to 3.3 million ETH (valued at $13 billion). The move aligns with BitMine's goal to ow...
**BitMine Immersion Makes $113 Million Ethereum Purchase, Becomes Top Public Holder**
In a significant move that underscores growing institutional confidence in Ethereum (ETH), BitMine Immersion has reportedly acquired approximately $113 million worth of ETH from digital asset custodian BitGo, according to blockchain data analyzed by on-chain analytics platform Lookonchain using Arkham Intelligence data. The transaction, executed via wallet address “0xDc8…3a07f,” involved 27,316 ETH, marking a pivotal step in BitMine’s aggressive accumulation strategy. While the company has not officially confirmed the purchase, the data aligns with its recent public post on X, which highlighted a $14.2 billion crypto and cash balance.
### Ethereum as a Core Investment
BitMine, now the largest public holder of Ethereum, owns roughly 3.3 million ETH (valued at over $13 billion at current prices) and aims to hold 5% of all Ethereum in circulation—6.04 million ETH. This target represents 2.8% of the total supply, putting the company more than halfway to its goal. Unlike many institutional investors focused on Bitcoin, BitMine has positioned Ethereum as a cornerstone of its portfolio, reflecting a belief in its long-term utility as a programmable financial infrastructure.
The firm’s strategy extends beyond Ethereum, with $88 million invested in Eightco Holdings—a move aimed at diversifying its portfolio and supporting high-potential “moonshot” projects. This approach highlights BitMine’s dual focus on securing core assets while exploring emerging opportunities.
### Market Context and Institutional Backing
The purchase comes amid heightened anticipation for Ethereum’s upcoming Fusaka upgrade, which is set to enhance scalability and cost-efficiency. A recent testnet rehearsal on the Hoodi testnet showcased code changes designed to streamline the network, signaling progress toward a major hard fork. Analysts suggest that BitMine’s acquisition reflects growing confidence in ETH’s role as a non-speculative, foundational asset for financial services.
Tom Lee, co-founder of BitMine, has been a vocal advocate for Ethereum, calling it a “truly neutral chain” that operates fairly for all participants. He emphasizes ETH’s flexibility, reliability, and security, arguing that its neutrality makes it an ideal platform for global financial services. Institutional investors, including Ark Invest, Galaxy Digital, and Pantera Capital, have also backed Ethereum, reinforcing its perception as a long-term investment rather than a speculative asset.
### Market Volatility and Divergent Strategies
Despite the significant purchase, Ethereum’s price dipped 2.36% in the 24 hours following the transaction, trading at around $4,000. This fluctuation underscores the inherent volatility of crypto markets, even amid institutional interest.
BitMine’s approach contrasts with other major players: ETHZilla recently sold $40 million in ETH to fund share buybacks, while SharpLink invested $200 million into the Linea ecosystem, prioritizing liquidity and new projects over holding ETH. BitMine’s steady accumulation strategy, however, highlights a unique commitment to Ethereum’s long-term value proposition.
### Looking Ahead
As Ethereum prepares for its transformative upgrades, BitMine’s actions signal a broader shift in how institutional players view the asset. With its vast treasury and strategic investments, the company is positioning itself as a key player in Ethereum’s evolution. Whether this move will catalyze broader adoption or face continued market skepticism remains to be seen, but one thing is clear: Ethereum’s role in the financial landscape is being reshaped by bold, strategic players like BitMine.