Bitmine buys Ethereum for $145 million: reserves rise to 4.66 million ETH

Institutional crypto allocations continued to grow this week as bitmine ethereum activity intensified with another large-scale accumulation move.

Bitmine adds $145 million in new Ethereum purchases

Bitmine expanded its Ethereum position on Tuesday with a fresh acquisition worth about $145 million. Onchain analysts tracked 67,111 ETH moving from Kraken into two wallet addresses linked to the company, with the transfers flagged by blockchain tracking account EmberCN.

The latest deal, valued at roughly $144.8 million, reinforces Bitmine’s status as the largest known corporate Ether holder. Moreover, the move underscores ongoing institutional interest in the asset despite lingering market drawdowns from the 2025 peak.

According to StrategicETHReserve data, the transaction lifts Bitmine’s reported holdings to 4.66 million ETH. That stockpile is valued at nearly $10 billion and represents about 3.86% of Ethereum’s circulating supply, underscoring the company’s outsized onchain footprint.

Tom Lee outlines aggressive ETH accumulation strategy

Earlier disclosures showed Bitmine purchased 65,341 ETH since March 16, signaling a sustained buying program rather than a one-off trade. Chairman Tom Lee commented on the approach in a recent statement, saying the firm has maintained an increased pace of ETH buys in each of the past three weeks.

Lee also offered insight into management’s market view. He described Ethereum as being in the final phase of what he called a mini-crypto winter, and linked the current buying intensity to that assessment. That said, he did not provide an explicit bitmine ethereum price target or timeline for the accumulation plan.

The company has continued to route transactions through Kraken, with onchain data confirming repeated wallet funding events. However, the firm has not announced any intention to diversify execution venues or alter its treasury policy in the near term.

Ethereum price action and trading conditions

In spot markets, Ethereum traded at $2,154 at 11:00 p.m. ET on Tuesday, up about 1% over the previous 24 hours. However, the token remains more than 55% below its August 2025 peak near $4,900, highlighting the depth of the prior drawdown.

Analysts estimate Bitmine’s implied purchase price for the latest batch near $2,160 per ETH, based on the ratio of transaction value to token count. The figure sits close to prevailing market levels, suggesting the company did not seek a major discount or execute during an extreme intraday dip.

Price structure has remained relatively stable around key zones. Ethereum has repeatedly defended support near the $2,000 area in recent sessions, while traders continue to identify resistance around the $2,500 range. Moreover, market data shows steady activity on major trading pairs, including ETH/USDT and ETH/BTC.

Volume and order book patterns on those pairs point to ongoing demand and healthy two-sided trading. Additionally, blockchain metrics show growth in active addresses and transaction counts, while exchanges report consistent liquidity through the latest session.

Bitmine stock reaction and treasury league table

Equity markets have taken a more cautious stance. Bitmine’s stock, trading under ticker BMNR, closed at $20.8 on Tuesday after falling 2.21% during regular hours. However, the shares recovered 1.88% in after-hours trading, reflecting mixed sentiment around the firm’s aggressive treasury positioning.

Over the past six months, BMNR has declined nearly 60%, even as the company increased its Ether exposure. Market participants continue to monitor how the large onchain position interacts with earnings, balance sheet risk, and broader crypto market cycles.

StrategicETHReserve’s latest rankings place Bitmine as the largest known Ether treasury holder globally. SharpLink Gaming follows with about 863,021 ETH, while The Ether Machine holds roughly 496,712 ETH, according to the same dataset. Together, these entities illustrate the growing role of corporate treasuries among Ethereum holders.

The figures are based on publicly tracked wallet addresses, with onchain records confirming the recent transfers into Bitmine-linked accounts. Moreover, the Tuesday acquisition stands as the company’s most recent disclosed Ethereum purchase, further solidifying its profile in corporate crypto treasury rankings.

In summary, Bitmine’s latest nine-figure Ethereum buy cements its position at the top of corporate Ether holdings, even as its stock price remains under pressure and the asset trades well below its 2025 high.