- BitMine Immersion Technology purchased 106,485 ETH worth $470.5M, lifting its holdings to 1.29M ETH.
- An unidentified whale withdrew 92,899 ETH ($412M) from Kraken into new wallets, signaling long-term storage.
- Profit-taking began as the 7 Siblings whale group sold $88.2M in ETH, while the Ethereum Foundation offloaded $12.7M.
Institutional interest in Ethereum intensified this week after two major entities acquired nearly $882 million worth of Ether. Blockchain transaction data confirmed that public miner BitMine Immersion Technology and an unidentified whale executed large purchases through over-the-counter desks and exchange withdrawals.
BitMine Expands Ether Holdings
Confirmed via an X post by Lookonchain, BitMine Immersion Technology led the accumulation effort with a purchase of 106,485 Ether, valued at about $470.5 million. The transactions were completed within 10 hours and raised the firm’s total holdings to 1,297,093 Ether. At current market prices, the miner’s Ethereum treasury is valued at approximately $5.75 billion.
Most of BitMine’s latest acquisitions came from institutional intermediaries, including Galaxy Digital, FalconX, and BitGo. These large block transfers underscored the miner’s reliance on structured over-the-counter deals rather than open market trades. Alongside BitMine’s move, an unidentified whale secured 92,899 Ether worth $412 million over four days. The whale created three new wallets before withdrawing the assets directly from Kraken.
Analysts monitoring the blockchain noted the setup indicated preparation for long-term storage, with assets being moved into fresh self-custody accounts. The transactions followed a broader pattern of whales increasing Ether exposure during the current rally. A separate entity earlier in the week purchased $1.3 billion in Ether across ten wallets, surpassing the inflows recorded by spot Ethereum ETFs.
Corporate and Capital Market Push
BitMine also announced plans to raise $24.5 billion through an at-the-market stock offering. Meanwhile, SharpLink completed a $389 million capital raise through common shares. These corporate actions indicate an ongoing trend of companies strengthening their balance sheets while simultaneously expanding digital asset treasuries.
Market participants pointed to these moves as consistent with a wider institutional drive into Ethereum. Earlier this week, Standard Chartered raised its Ether price target for 2025 from $4,000 to $7,500. The bank projected values of $12,000 in 2026, $18,000 in 2027, and $25,000 by 2028.
Despite heavy accumulation, profit-taking has started to appear as Ether approaches new record levels. The whale group known as 7 Siblings sold 19,461 Ether worth $88.2 million within 24 hours at an average of $4,532. Additionally, the Ethereum Foundation sold 2,795 Ether across two transactions, realizing about $12.7 million. These recent sales showed that while accumulation continues, selling pressure is present as Ether trades near historical peaks.
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