BitMine Immersion Technologies has recently made a significant move, bolstering its Ethereum holdings by purchasing an impressive 104,336 ETH (approximately $417 million). According to crypto data provider Lookonchain and Arkham intelligence, the company transferred these funds via seven transfers from Kraken and BitGo wallets. While BitMine hasn’t officially announced the purchase, on-chain analysis supports this transaction as originating from addresses linked to the firm. 3.03 million ETH currently represent BitMine’s total Ethereum holdings, valued at approximately $12.2 billion – making it the world’s largest Ethereum treasury and second-largest crypto asset holder behind Michael Saylor’s Strategy. Led by Tom Lee of Fundstrat co-founding, BitMine is dedicated to accumulating 5% of Ethereum’s supply in the long term, ultimately aiming to support Ethereum’s integration into global financial services. This purchase comes during a period of market decline for Ethereum, which has witnessed a decline of 8.7% over the past seven days, trading below its all-time high by 18.5%. However, analysts remain optimistic about long-term fundamentals, noting that “investors being liquidated were already crypto believers; they won’t be leaving the market.” This is not investment advice.