Bitmine Immersion Technologies is showing no signs of slowing its Ethereum buying spree, reportedly adding another $145 million worth of Ethereum (ETH) to its balance sheet this week.
Aggressive ETH accumulation continues
On-chain data shared by Lookonchain, citing Arkham intelligence, revealed that the firm acquired 67,111 ETH, valued at approximately $144.8 million, through two separate wallet addresses. The transactions were traced back to crypto exchange Kraken, with analytics platform EmberCN also flagging the activity.
This latest purchase further strengthens Bitmine’s already dominant position in the Ethereum market. As of March 22, the firm reportedly held 4.66 million ETH, worth $10 billion, representing about 3.86% of the asset’s circulating supply. Just days earlier, the company disclosed it had accumulated over 65,000 ETH within a single week.
It seems that Tom Lee(@fundstrat)’s #Bitmine bought another 67,111 $ETH($145M) from #Kraken in the past 5 hours.https://t.co/YHE7LVj0B6https://t.co/6pRECI1Q5T pic.twitter.com/VzDuf1ky9F
— Lookonchain (@lookonchain) March 25, 2026
Meanwhile, leading institutional investors, including Morgan Stanley, significantly boosted their stakes in Bitmine Immersion Technologies (BMNR), defying the stock’s punishing 48% decline in the fourth quarter of 2025.
Tom Lee’s bullish bet amid market weakness
The aggressive buying strategy aligns with the outlook of Tom Lee, chairman of Bitmine and a well-known crypto market bull. According to Lee, Ethereum may be approaching the tail end of what he describes as a “mini crypto winter.”
Despite Ethereum’s recent struggles, currently trading around $2,154 and still more than 55% below its all-time high near $4,900 reached in 2025, Bitmine appears confident in a near-term rebound.
The firm remains the largest known Ethereum treasury holder, significantly ahead of competitors such as SharpLink Gaming with about 863,021 ETH and The Ether Machine with around 496,712 ETH, according to StrategicETHReserve data.
Meanwhile, Bitmine’s stock performance tells a more cautious story. Shares of its listed entity (BMNR) dipped over 2% during Tuesday trading before seeing a modest recovery in after-hours activity. Over the past six months, the stock has declined nearly 60%, reflecting broader market uncertainty.
Still, Bitmine’s continued accumulation signals a high-conviction bet that Ethereum’s current dip may be a strategic entry point rather than a warning sign.
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