BitMine Immersion Technologies may have added 72,898 ether to its already sizeable holdings on Saturday, a move worth roughly $280 million at prevailing prices.
On-chain monitors flagged transfers from custodians to fresh addresses that analysts associate with the NYSE American-listed company, extending a weeks-long accumulation streak focused on Ethereum rather than bitcoin.
The company had not filed an 8-K or issued a press release confirming the purchase as of publication, and the attribution rests on wallet heuristics commonly used in crypto-forensics.
According to an item amplified by a major exchange’s news desk, three newly created addresses received 72,898 ETH from FalconX and BitGo, activity that observers linked to BitMine.
The firm, known for its aggressive treasury strategy under chairman Thomas Lee of Fundstrat, disclosed earlier this week that its stash surpassed 3.03 million ETH alongside total crypto and cash holdings of about $12.9 billion.
Those figures, dated Oct. 12, placed BitMine’s ether trove above 2.5% of the token’s supply and underscored a stated goal to reach 5%.
If Saturday’s flows are ultimately confirmed as BitMine’s, they would be directionally consistent with the company’s recent pace.
In an Oct. 13 update, BitMine said it acquired more than 200,000 ETH over “the past few days,” taking advantage of price weakness to scale its position.
The firm, which trades under ticker BMNR, frames the campaign as a long-term bet on Ethereum’s network effects, staking economics, and the migration of traditional financial activity into token rails.
The strategy invites comparisons to Michael Saylor’s bitcoin playbook.
In a parallel corner of the market, Strategy expands bitcoin trove to reinforce a balance-sheet-led identity that many crypto-exposed equities now emulate. BitMine is attempting a similar approach centered on ether.
Where MicroStrategy turned into a high-beta proxy for BTC, BMNR has become a levered read-through on ETH narratives, from scaling milestones to institutional adoption. Market impact looked contained around the time of the flagged transfers.
Ether traded near $3,875 as of publication, with intraday swings typical for a weekend session.
The company’s accumulation, however, has fed a broader debate about supply dynamics and the sensitivity of price to large, off-exchange treasury purchases.
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Concentration risk cuts both ways; proponents argue that locked-up coins reduce tradable float. Skeptics counter that a single buyer can become a source of volatility if financing conditions tighten or if sentiment turns.
The latest accumulation chatter lands in a market where altcoin rally heats up after a choppy September, and where liquidity can thin out on weekends.
BitMine’s own messaging has leaned into the idea that volatility creates opportunity.
Management framed October’s buying as a response to deleveraging and what it sees as a discount to Ethereum’s long-run fundamentals.
The firm has also touted the stock’s trading liquidity and its roster of name-brand backers as it pursues its 5%-of-supply ambition.
Whether Saturday’s wallet movements become the next line item in that narrative will hinge on follow-through filings.
The sidelines should look for a company press release or regulatory update that ties specific transaction sizes and timestamps to BitMine’s treasury.
Until then, the 72,898-ETH figure is best treated as a credible on-chain signal rather than a booked asset. The scale alone shows how one corporate balance sheet can now move the conversation about crypto supply, even on a weekend.
