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BitMine acquired 104,336 ETH worth $417 million, according to onchain data.
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The company aims to hold 5% of Ethereum’s total supply as part of its long-term strategy.
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CEO Tom Lee says Ethereum’s neutrality will win favor from Wall Street and policymakers.
A Major Accumulation Move
Onchain data shows BitMine Immersion Technologies added over 104,000 ETH to its treasury this week, worth roughly $417 million. The transactions came through Kraken and BitGo, though the company has not yet made an official statement confirming the purchase.
Ethereum as a “Neutral” Chain
BitMine, led by Fundstrat co-founder Tom Lee, now holds more than 3 million ETH, valued around $12.2 billion. Lee has repeatedly said he believes Ethereum will be favored by major financial institutions and U.S. regulators because it functions as a “truly neutral chain.”
Buying the Dip
The acquisition came amid a broader crypto market downturn that saw ETH drop nearly 9% in a week. Despite short-term weakness, analysts see such strategic buying as a sign of long-term confidence. “These buyers aren’t leaving,” said Wincent’s Paul Howard. “They’re using volatility as opportunity.”
