BitMine Adds $417M Worth Of Ethereum To Treasury During Market Dip

BitMine Immersion Technologies added 104,336, worth $417 million, to its corporate Ethereum treasury on Wednesday. Lookonchain, using Arkham data, reported that the ETH was received in three new addresses through seven transactions originating from two wallets, one each from Kraken and BitGo.

However, BitMine has not officially confirmed the transaction. BitMine’s official ETH holdings stood at 3.03 million, worth around $12.2 billion, according to its last update on Oct. 13.

The treasury firm, led by Fundstrat co-founder Tom Lee, is currently the largest ETH treasury and the second-largest crypto treasury, behind Michael Saylor’s Strategy.

The company has repeatedly stated its goal of accumulating 5% of Ethereum’s total supply, and said it is committed to supporting Ethereum’s growing role in financial market services.

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