BitMine Adds $113 Million in Ethereum to Corporate Treasury, Onchain Data Shows

Core Insights - BitMine Immersion Technologies has added 27,316 ETH, valued at approximately $113 million, to its corporate treasury this week, increasing its total Ethereum holdings to over 3.3 million ETH, worth around $13.2 billion, making it the largest corporate holder of Ethereum [1][4][9] Company Overview - BitMine's total Ethereum holdings have surpassed 3.3 million ETH, solidifying its position as the largest Ethereum-holding corporation and the second-largest crypto treasury overall, following Michael Saylor's Strategy [4][9] - The firm is led by Tom Lee, co-founder of Fundstrat, who has expressed an ambitious goal of accumulating 5% of Ethereum's total supply, positioning BitMine as a long-term supporter of the blockchain ecosystem [5] Institutional Support - BitMine has garnered support from notable institutional investors, including Ark Invest's Cathie Wood, Bill Miller III, Digital Currency Group, Founders Fund, Galaxy Digital, Kraken, and Pantera Capital [5] Market Perspective - Tom Lee has emphasized Ethereum's potential as a "truly neutral chain" likely to gain favor among Wall Street institutions and U.S. policymakers [6] - Despite the optimism surrounding Bitcoin's price stability due to spot Bitcoin ETFs and increased institutional participation, Lee has cautioned that Bitcoin remains susceptible to significant market fluctuations [7]