On-chain monitoring account Onchain Lens just flagged two large ETH transfers that add up to yet another sizable purchase for BitMine Immersion Technologies (NASDAQ: BMNR), the company that has been vacuuming up Ethereum all year like it’s on sale.

In the last few hours BitMine-labeled addresses received:

• 6,481 ETH (~$18.31M) from a FalconX hot wallet
• 10,761 ETH (~$30.65M) from a BitGo hot wallet

Total: 17,242 ETH ≈ $49 million at current prices.

These are classic institutional OTC-style transfers — custodians and prime brokers (FalconX, BitGo) sending directly to fresh or known BitMine wallets instead of going through public exchanges, so almost zero market impact.

Why this keeps happening

BitMine has turned Ethereum accumulation into its core corporate strategy in 2025. The company’s treasury now sits above 3.3 million ETH (roughly 2.7-2.8 % of circulating supply, depending on the week), making it comfortably the largest publicly-traded corporate holder of ETH — bigger than most ETFs outside the spot giants.

Recent notable buys reported in the last 2025 run:

• Early November → +82,353 ETH
• Late October → +77,055 ETH
• Mid-October → pushed past 3.2 M ETH milestone

Every few days another six- or seven-figure chunk lands in their wallets. The pattern is unmistakable: they are deliberately reducing liquid supply while ETH is still (in their view) undervalued.

What it actually means for the market

1. Supply shock potential – Every ETH BitMine locks up is ETH that isn’t hitting Binance or Coinbase order books.
2. Corporate validation – A NASDAQ-listed company treating ETH as a primary treasury reserve asset (just like MicroStrategy does with Bitcoin) gives institutions another blueprint.
3. Meme coin connection – Strong ETH price action creates the perfect environment for Ethereum-network and L2 meme tokens to run. When the base layer is getting institutionally stacked, risk-on plays like PEPE, MOG, BRETT, and newer launches on Base tend to see higher liquidity and bigger pumps.

BitMine’s buys have coincided with several of the strongest ETH legs this year. Coincidence? Probably not.

You can track the entity yourself on Arkham Intelligence → BitMine or watch the Onchain Lens account for the next inevitable alert — because at this pace there will be another one soon.

ETH bulls remain firmly in control as long as these transfers keep flowing one direction.