According to Arkham Intelligence data and the Lookonchain analytics platform, BitMine Immersion Technologies has acquired about $113M worth of Ether (ETH) from BitGo, a digital asset custodian.
Crypto analysts noted that Tom Lee, Bitmine’s chairman, made a smart move, capitalizing on the recent drop in Ether’s price.
Bitmine, founded in 1995, is a publicly traded blockchain company based in Las Vegas. The company focuses on immersion-cooled Bitcoin mining and accumulating Ether for its treasury.
Tom Lee, an ardent supporter of Ethereum’s future vision, revealed that BitMine’s objective is to hold up to 5% of Ether’s total circulating supply. Bitmine considers Ethereum as a vital network for delivering decentralized services and financial market innovations.
According to the latest crypto market data, Ether has lost about 2.36% over the last 24 hours and is currently trading close to $4,000. BitMine saw this price drop as an opportunity to acquire more Ether, consistent with its aggressive accumulation strategy.
Bitmine Purchases 27,316 Ether Tokens From BitGo
On Tuesday, October 28, 2025, Arkham data revealed that a wallet belonging to BitMine acquired about 27,316 ETH for $113.12M from Bitgo.
The transaction came at an average of $4,141 per token as the price of Ether was between a $3,940.83 low and a $4,173.51 high at the time of purchase.
The transaction, carried out through a wallet address “0xDc8…3a07f,” came with only a $0.15 gas fee at 0.3239 GWEI. Although BitMine has not officially confirmed the transaction, available data aligns with the company’s X post on October 27, which shows $14.2B in crypto and cash.
BitMine’s Aggressive Ether Accumulation Strategy
BitMine’s recent Ether acquisition underscores its long-term sustained institutional accumulation trend in the Ethereum ecosystem. More so, it signals Tom Lee’s confidence in the Ethereum blockchain network.
With the latest acquisition, BitMine now has 3.31M ETH holdings, which is worth almost $13.5B, based on its disclosure on Monday.
Ethereum Still Trading Low
Market experts noted that even after BitMine purchased 27,316 ETH, the market price of the cryptocurrency is still decreasing. At the time of writing, ETH trades slightly below $4,000.
This price drop shows that Ether can further experience fluctuations in price and trading activity, just like any other cryptocurrency.
The company’s move differs from the approach of other big players in the industry. For instance, ETHZilla recently sold $40M in Ether tokens to fund share buybacks. SharpLink invested $200M into the Linea ecosystem, choosing not to hold more Ether tokens.
Nevertheless, market experts conclude that the purchase is both a validation of Ether’s long-term utility and increased confidence in Ethereum’s role in the global financial system.
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OceanPal Inc., a global shipping transportation company, recently witnessed an over 21% drop in its stock value. This occurred shortly after the company announced that it had raised $120M to acquire NEAR tokens and build AI infrastructure.
