TL;DR
- BitMine expanded its ETH treasury after watchers flagged about $88 million in flows; a filing said it bought 98,852 ETH last week.
- Observers tied the suspected one day purchase to BitGo and Kraken, totaling 29,462 ETH, though the company did not confirm wallets.
- Holdings stand at 4,066,062 ETH at a $2,991 average cost, and the firm targets up to 5% of supply despite recent declines.
BitMine Immersion Technologies has expanded its Ethereum treasury, with blockchain watchers flagging roughly $88 million in fresh ETH accumulation tied to custodial flows. The buying was flagged this week. The transfers have not been formally confirmed by the company, but they surfaced alongside a same day filing that reported new purchases. In that disclosure, BitMine said it bought 98,852 ETH over the past week, lifting total holdings to 4,066,062 ETH. The company reported an average acquisition cost of $2,991 per ether, putting the value of its ETH stockpile at about $12 billion at current prices. For traders, a corporate balance sheet acting like a buyer of last resort is the core signal, even as ETH and BMNR shares have recently been under pressure.
It seems that Tom Lee(@fundstrat)'s #Bitmine just bought another 29,462 $ETH($88.1M) from BitGo and Kraken.https://t.co/hXCQQvO6ZFhttps://t.co/m3WT8Jwh6x pic.twitter.com/REuuHwyR6q
— Lookonchain (@lookonchain) December 23, 2025
Custody flows and an accumulation campaign
Onchain data cited by market observers suggested BitMine acquired about 29,462 ETH in a single day, valued around $88 million, through transactions associated with BitGo and Kraken, extending a buying campaign that has defined its strategy throughout the year. The report notes the firm did not confirm the specific transfers, yet they arrived close to an official disclosure, reinforcing the view that the company is still executing an accumulation program. By tracking custody linked movements, analysts try to map treasury behavior in near real time. In this case, the onchain trail functions as a preview of corporate demand, potentially influencing positioning before traditional filings circulate. That dynamic can amplify volatility when large lots move quickly and the market tries to infer intent from wallet activity alone.
The disclosed purchases push BitMine further into a concentrated strategy. With over 4 million ETH, it is described as the largest corporate Ethereum treasury. Its stated objective is to accumulate up to 5% of Ethereum’s circulating supply, and the holding of 4,066,062 ETH underscores how serious that ambition has already become. The report also says short term price declines in ETH and BitMine’s stock have not altered the approach, suggesting management is prioritizing horizon positioning over near term optics. Still, the scale invites scrutiny: a single buyer pursuing a supply share target can change how investors read liquidity, custody risk, and disclosure cadence. Next, traders will watch for filings that reconcile onchain flows with confirmed purchases and clarify the campaign’s pace.
