The whales are feeding, and one corporate giant is leading the charge. BitMine Immersion Tech, already the world’s largest corporate Ethereum treasury, just went on a shopping spree. On-chain data reveals a stunning new purchase of 27,316 ETH, worth a cool $113 million. This aggressive move signals immense confidence in Ethereum’s future, especially amidst recent market swings.
Inside the Massive BitMine Ethereum Treasury
Let’s put this purchase into perspective. This latest acquisition rockets BitMine’s total Ethereum holdings to a staggering 3.31 million ETH. That vault is now worth approximately $13.3 billion. Even more impressive, the company now controls about 2.8% of Ethereum’s entire circulating supply. They are steadily marching toward their public goal of owning 5%. Furthermore, their average buy-in price is $4,164 per ETH, meaning they are still deeply in profit and buying more. This isn’t just speculation; it’s a strategic treasury reserve operation on a colossal scale.
Why This Bullish Move Matters Now
So, why is BitMine going all-in right now? Chairman Tom Lee recently explained the strategy, pointing to a positive shift in market technicals following the October liquidations. He highlighted improving market structure and growing institutional participation as key reasons. Essentially, BitMine is positioning itself at what it believes is the early stage of a stronger recovery cycle. Their action is a powerful alpha signal that other institutions are likely watching closely.
Ethereum Price Primed for a Move
Meanwhile, Ethereum’s price action is setting up for a potential explosion. ETH is currently trading around $4,033, holding firmly above a critical psychological level. After a rejection at $4,250 earlier this week, the quick recovery back above $4,000 shows strong buying interest. With a major player like BitMine accumulating, the path of least resistance appears upward. The next key test is reclaiming the $4,250-$4,300 resistance zone, which could open the door to new multi-month highs.
My Thoughts
This is institutional conviction in its purest form. When a holder of this size continues to buy aggressively, it absorbs supply and creates a stronger price floor. BitMine isn’t trading; it’s building a strategic asset. Their actions provide a hugely bullish backdrop for Ethereum’s medium-term outlook.
