Ethereum Whale strikes again! BitMine sweeps 113 million USD inventory breaking 3.3 million coins.

BitMine Immersion Technologies added 27,316 ETH to its company Ethereum vault on Wednesday, according to Arkham data. BitMine acquired ETH worth $113 million through the wallet “0xDc8…3a07f” from a CEX, although this transaction has not yet been officially confirmed by BitMine.

Tom Lee leads BitMine to build the world's largest ETH inventory

This fund management company led by Fundstrat co-founder Tom Lee is currently the largest Ethereum fund management company in the world and the second largest cryptocurrency fund management company, next to Michael Saylor's Strategy. Tom Lee is well-respected on Wall Street, being the co-founder and research chief of Fundstrat Global Advisors, known for his accurate predictions in the Bitcoin and cryptocurrency markets. Lee has repeatedly issued bullish forecasts when Bitcoin and Ethereum were at their lows, which were ultimately validated by market trends.

BitMine has repeatedly stated that its goal is to accumulate 5% of the total supply of Ethereum, and it is committed to supporting the growing role of Ethereum in financial market services. The current circulating supply of Ethereum is approximately 120 million coins, and 5% means about 6 million coins. The 3.3 million coins that BitMine currently holds have already reached 55% of this goal, indicating that its accumulation strategy is progressing steadily. Based on the current price of Ethereum at approximately $4,000, the target holding value of 6 million coins will reach about $24 billion.

The scale of this accumulation has structural effects on the Ethereum market. When a company systematically buys and holds Ethereum from the market for the long term, it is effectively reducing the circulating supply, which supports the price. Similar to Michael Saylor's strategic purchases of Bitcoin, BitMine's systematic buying of Ethereum provides a strong demand floor for ETH prices.

BitMine has received support from institutional investors including Ark Invest's Cathie Wood, Bill Miller III, DCG, Founders Fund, Galaxy Digital, and Pantera. This list of investors reads like a “hall of fame” in the cryptocurrency and technology investment world. Cathie Wood is the founder of Ark Invest, known for her radical investments in disruptive technology. Bill Miller III is a legendary value investor, DCG is the parent company of Grayscale, Founders Fund is a top venture capital firm founded by Peter Thiel, and Galaxy Digital is a crypto financial company founded by Mike Novogratz.

BitMine Key Data:

Current Holdings: 3.3 million ETH (approximately $1.32 billion)

Latest Acquisition: 27,316 ETH (worth approximately 113 million USD)

Target Holdings: 6 million ETH (5% of the total supply of Ethereum, worth approximately 24 billion USD)

Completion Progress: About 55%

Status: The largest ETH asset management company in the world, the second largest cryptocurrency asset management company.

Tom Lee is optimistic about the strategic logic of Ethereum

Tom Lee has also repeatedly supported Ethereum, stating that Wall Street participants and the White House will favor Ethereum in future blockchain ventures because it is a “truly neutral chain.” This “neutral” positioning is key to understanding BitMine's strategy. Tom Lee believes that, compared to other blockchains that may face centralization control or political risks, Ethereum's decentralized governance structure and broad developer community make it the most censorship-resistant and neutral mainstream blockchain.

For institutional investors and government agencies, this neutrality is crucial. They need to ensure that the chosen blockchain infrastructure is not subject to the control of a single entity or country and that the rules do not change suddenly due to geopolitical factors. Although Ethereum's governance model is complex, its decision-making process is relatively transparent and requires broad consensus, making it an ideal choice for institutional-grade applications.

Wall Street participants are accelerating their entry into the Ethereum ecosystem. In addition to BitMine's direct holdings, several traditional financial institutions are developing tokenized securities, stablecoins, and DeFi applications on Ethereum. JPMorgan's Onyx platform and Franklin Templeton's tokenization of money market funds have chosen Ethereum as their underlying infrastructure. Under the cryptocurrency-friendly policies of the Trump administration, the White House may also view Ethereum as a blockchain option that aligns with U.S. interests.

BitMine's continued purchases demonstrate its strong belief in the long-term value of Ethereum. Even during price corrections, BitMine continues to increase its holdings, which is a typical characteristic of institutional investors. They do not chase short-term price fluctuations but instead allocate based on long-term strategies, taking advantage of market corrections to accumulate positions at more favorable prices. This purchasing model provides an important signal to the market: professional investors believe that the current price of Ethereum is still undervalued relative to its long-term value.

Ethereum technical support and institutional demand dual support

(Source: The Block)

According to The Block's ETH price page, Ethereum has dropped 2.36% in the past 24 hours, trading at $4,000. This price pullback contrasts interestingly with BitMine's large-scale acquisitions. On one hand, short-term market sentiment is cautious, and the technical indicators show that Ethereum has retreated after encountering triple resistance around $4,200 (daily resistance, 78.6% Fibonacci, 50-day moving average). On the other hand, institutional investors are increasing their positions against the trend, indicating long-term capital's recognition of the current price level.

This divergence between price and institutional behavior often signals significant investment opportunities. When retail investors panic and exit due to technical resistance, institutions are quietly accumulating. Historical experience shows that this divergence between smart money and market sentiment is usually a precursor to trend reversals. BitMine chose to invest heavily, buying $113 million when Ethereum dropped below $4,000, indicating that they believe the $4,000 level is an extremely attractive buying price.

From a more macro perspective, BitMine's accumulation strategy reflects institutional confidence in the role of Ethereum in financial infrastructure. Ethereum is not only a smart contract platform but is also becoming the de facto standard for tokenized securities, stablecoins, DeFi, and enterprise-level blockchain applications. As more real-world assets are tokenized on Ethereum, its network value and token demand will continue to grow.

The holding scale of 3.3 million ETH has significant meaning in the market. This accounts for about 2.75% of Ethereum's circulating supply. If the target of 5% is reached, BitMine will hold approximately 6 million ETH, and such a scale of holding is enough to influence the market's supply and demand structure. More importantly, these ETH are locked for the long term and will not participate in daily trading, effectively reducing the available liquidity in the market, which provides long-term support for the price.

Institutional Investor Lineup and Ethereum Ecosystem Outlook

BitMine has an extremely luxurious lineup of institutional support. Cathie Wood's Ark Invest is known for its investments in disruptive innovation, and its Bitcoin and Ethereum ETFs have become market benchmarks. Bill Miller III is the son of legendary value investor Bill Miller, inheriting his father's investment philosophy and focusing on the cryptocurrency space. DCG (Digital Currency Group) is the parent company of Grayscale, managing billions of dollars in crypto assets.

Founders Fund is a top venture capital firm founded by Peter Thiel, which invested early in disruptive companies like Facebook and SpaceX. Galaxy Digital is a crypto financial company founded by Mike Novogratz, focusing on crypto asset management, investment banking, and trading operations. Pantera is one of the earliest cryptocurrency-focused funds. The joint participation of these institutions shows that Ethereum has gained recognition from both the crypto-native and traditional finance camps.

This institutional-level support provides a strong confidence endorsement for Ethereum. When well-known investors like Cathie Wood and Tom Lee publicly support Ethereum, their reputation and past records serve as a reference for other institutional investors. This demonstration effect may trigger more institutions to follow suit, creating a positive feedback loop. As institutional adoption accelerates, the liquidity, market depth, and price stability of Ethereum will all improve.

From an ecosystem perspective, Ethereum maintains a leading position in multiple areas such as DeFi, NFTs, Layer-2 scaling, and enterprise applications. Although competitors like Solana have advantages in performance, Ethereum still has an overwhelming advantage in developer count, ecosystem maturity, and network effects. The characteristic of being a “truly neutral chain,” as described by Tom Lee, combined with its vast ecosystem, makes Ethereum the preferred choice for long-term institutional allocation.