BitMine Immersion, the digital asset treasury firm led by Fundstrat's Tom Lee, appears to have added 41,946 Ethereum tokens to its holdings on Thursday. The purchase, valued at approximately $131 million, would push the company's total ETH reserves beyond 3.7 million units.
What Happened: Additional ETH Acquisition
Data tracked by Lookonchain indicated that wallets associated with BitMine acquired the Ethereum tokens in a single transaction. The move follows a pattern of aggressive accumulation by the treasury firm throughout the week.
Reports earlier this week suggested BitMine purchased $55 million worth of Ethereum.
Days later, a wallet linked to the company withdrew $91 million in ETH from Kraken exchange ahead of the Fusaka upgrade. The Ethereum-focused treasury firm disclosed holdings exceeding 3.7 million ETH in its most recent statement.
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The accumulation pace suggests BitMine remains on track toward its stated goal of acquiring 5% of Ethereum's total supply. The company has positioned itself as a leader among cryptocurrency treasuries globally through its concentrated bet on the second-largest digital asset by market capitalization.
Why It Matters: Strategic Positioning
Lee has publicly expressed conviction in Ethereum's role within future financial systems. His thesis centers on the blockchain's smart contract capabilities and its function in developing new financial products.
BitMine plans to deploy its MAVAN staking solution in early 2026. The timing aligns with the firm's broader strategy to maintain dominance among digital asset treasuries while generating returns on its substantial ETH position.
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