Crypto analytics firm Lookonchain, citing Arkham Intelligence data, reported that 104,336 ETH, roughly $417 million at the time of transfer, moved into three newly created wallets on Wednesday. The transactions, executed in seven separate transfers, originated from two known custodial wallets belonging to Kraken and BitGo.

While BitMine Immersion Technologies has not officially confirmed the purchase, Lookonchain’s analysis suggested wallet patterns closely match previous BitMine accumulation activity.

BitMine maintains position as world’s largest Ethereum corporate holder

According to BitMine’s most recent official update on Oct. 13, the company’s Ethereum holdings stood at 3.03 million ETH, valued at roughly $12.2 billion based on market prices then. This makes BitMine the largest single corporate holder of Ether and the second‑largest overall crypto treasury, behind Michael Saylor’s firm Strategy.

BitMine, chaired by Tom Lee, co‑founder of Fundstrat Global Advisors, has maintained a long‑term target of accumulating 5 percent of Ethereum’s total supply. The company says its strategy focuses on reinforcing Ethereum’s role in global financial infrastructure and tokenized‑asset settlement.

Market context: Ether slides below $4,100 but institutional demand persists

The reported acquisition occurred during a period of sustained weakness across digital‑asset markets. According to TradingView data, ETH traded near $4,028, down 8.7 percent over the previous week and around 18.5 percent below its all‑time high of $4,946.

The downturn followed what data providers described as the largest liquidation event in crypto history, which erased billions in leveraged positions during the weekend. Despite this, some analysts argue that structural fundamentals remain intact.

“The investors being liquidated were already committed crypto participants; they’re unlikely to exit the market permanently,” said Paul Howard, senior director at Wincent, in a market note on Wednesday.

Digital asset treasuries continue to accumulate ETH

Industry‑wide data reinforces the notion of corporate accumulation. Bitwise Asset Management reported that 95 percent of all Ether held by public companies was purchased in Q3 2025, representing a 1,937 percent quarterly increase. Total public‑company holdings reached 4.4 million ETH, worth about $19 billion at the period’s end.

According to Strategic Eth Reserve (SER), overall digital‑asset treasuries now hold approximately 5.9 million ETH, or nearly 4.9 percent of Ethereum’s circulating supply. BitMine controls roughly 51 percent of that corporate total, showing halfway progress toward its 5 percent network‑ownership goal.

Analysts highlight emerging “supply vacuums” for Ether

Market researchers have pointed to structural shifts that could tighten available ETH supply. Analyst “Crypto Gucci”, quoted in SER’s latest outlook, said that about 40 percent of all Ether is “locked and illiquid,” contributing to a smaller tradable float compared to previous cycles. The analyst described digital‑asset treasuries like BitMine as one of three emerging “supply vacuums” potentially influencing long‑term price dynamics.

Outlook

While BitMine Immersion Technologies has yet to confirm the newest inflow, on‑chain indicators and treasury patterns suggest continued strategic accumulation aligned with its stated objectives. Should the data be verified, BitMine would have reached roughly 50 percent of its Ethereum‑supply target within months of initiating its 2025 program.

With Ether prices consolidating and institutional investment trends strengthening, analysts expect continued accumulation by corporate treasuries even during market volatility.

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