BitMine Immersion Technologies (BMNR) has added 23,823 ETH, valued at approximately $103.7 million, to its corporate Ethereum treasury, according to on-chain data shared by Lookonchain.
The transfer reportedly came from a BitGo wallet to one controlled by BitMine, signaling another wave of large-scale accumulation by the publicly traded miner and infrastructure firm.
This latest transaction builds on BitMine’s recent expansion strategy, which has seen the company steadily increase its ETH reserves throughout Q4. Earlier this month, BitMine crossed 2 million ETH under management, positioning it among the largest corporate holders of Ethereum.
The firm has stated that Ethereum’s role in decentralized finance and staking yield makes it a “core strategic asset” for long-term value preservation.
BitMine isn’t alone in this movement.
Bit Digital (BTBT) has also turned to Ethereum, raising over $67 million to expand its ETH holdings to roughly 120,000 coins, while reducing its exposure to Bitcoin. Similarly, institutional investment vehicles such as VanEck’s Ethereum ETF and ARK Invest’s ETH Trust have reported growing inflows since early October.
Meanwhile, other public companies are also pivoting toward Ethereum. Bit Digital (BTBT) has embraced an ETH-centric treasury strategy, raising $67.3 million via share issuance specifically to acquire ETH. The company has now amassed approximately 120,000 ETH and exited most of its Bitcoin holdings.
The rise in corporate ETH accumulation reflects a broader shift from Bitcoin-only treasuries toward multi-asset digital strategies. Analysts suggest this trend could tighten Ethereum’s liquid supply and reinforce its market position as the backbone of decentralized finance and tokenization.
With major firms like BitMine and Bit Digital leading the charge, Ethereum is rapidly evolving from a smart-contract platform into a preferred institutional reserve asset for the digital economy.
