BitMine Immersion Technologies acquired 104,336 Ethereum worth $417 million as markets declined, according to on-chain tracking data. The purchase came through three new wallet addresses receiving transfers from Kraken and BitGo across seven separate transactions.
Lookonchain identified the movements using Arkham Intelligence data, though BitMine has not publicly confirmed the acquisition. The company's official holdings reached 3.03 million Ethereum valued at approximately $12.2 billion as of its Oct. 13 update.
Fundstrat co-founder Tom Lee chairs BitMine, which operates the largest Ethereum treasury among public companies. The firm trails only Michael Saylor's Strategy in total crypto holdings across all digital assets.
BitMine has repeatedly stated its objective to accumulate 5% of Ethereum's total supply. The company says it supports Ethereum's expanding role in providing infrastructure for financial market services.
Lee endorsed Ethereum during Korea Blockchain Week last month, predicting that Wall Street institutions and government agencies will favor the network. He described Ethereum as a truly neutral blockchain suitable for enterprise adoption.
The $417 million purchase occurred while Ethereum traded down 8.7% over seven days at $4,028. The asset remains 18.5% below its all-time high of $4,946 reached in August 2025.
Digital asset treasuries continue to accumulate during market weakness, viewing price declines as buying opportunities. BitMine reached 50% of its supply target within months, now holding 2.5% of all circulating Ethereum.
The company's holdings represent half of all Ethereum accumulated by public corporate treasuries. Combined corporate Ethereum reserves total 5.9 million tokens worth $23.7 billion across multiple firms.
Market observers note BitMine's strategy contrasts with typical institutional behavior during corrections. Paul Howard of Wincent said leveraged traders exiting positions represent committed crypto believers who will return to markets.