BitMine Immersion Technologies (ticker: BMNR) caught the attention of cryptocurrency investors on October 10 when it added 23,823 ETH – equivalent to about $103.7 million – to its Ethereum reserves. This information was revealed through Arkham data and reported by Lookonchain, stating that the ETH was transferred from BitGo’s custody wallet to the address code “0xF8c…338E7”.
Although the wallet has not been officially labeled on Arkham, Lookonchain has identified it as a wallet owned by BitMine. However, the company has yet to officially respond to this massive acquisition.
According to previously published figures, BitMine currently holds more than 2.83 million ETH, equivalent to a value of about $12.4 billion – thereby becoming the world's largest Ethereum reserve and the second largest cryptocurrency reserve globally, only behind billionaire Michael Saylor's MicroStrategy, who is dominating the Bitcoin sector.
BitMine wants to hold 5% of the total Ethereum supply
BitMine, led by Fundstrat co-founder Tom Lee, has repeatedly stated its long-term goal of holding 5% of the total supply of Ethereum (ETH). The company believes that Ethereum is not only the leading blockchain platform for DeFi and Non-Fungible Token , but will also become the backbone of the decentralized finance market in the new era.
Experts believe that this move to collect more ETH demonstrates BitMine's strong belief in Ethereum's growth momentum - especially in the context that the Donald Trump administration is initiating many policies to loosen regulations on cryptocurrencies since he returned to the White House at the end of 2024. Many large US financial corporations have also publicly increased their holdings of digital assets, considering it a strategic investment channel to replace gold during the period of global geopolitical instability.
Despite the positive news, BMNR shares fell slightly by 1.5% to close at $59.10 on Thursday. Meanwhile, Ethereum prices also corrected slightly by 1.4%, hovering around $4,384. Some analysts said this was normal because large purchases like BitMine's are not usually announced immediately and the market may need time to absorb the news.
However, in the long term, if BitMine continues its “stock-hoarding” strategy, ETH could see a strong price surge, especially as demand for Staking and Tokenize of real assets (RWA) is skyrocketing in the Ethereum ecosystem.
