Ether accumulation heats up: $882M in ETH snapped up by Bitmine, whale

BitMine and an unknown whale have acquired nearly $882 million in Ether through major OTC desks and exchange withdrawals in a show of growing institutional demand.

Institutional appetite for Ether shows no sign of slowing, with blockchain data revealing nearly $882 million in ETH purchases by two entities as of late.

Public Bitcoin mining firm BitMine Immersion Technology led the charge, scooping up 106,485 Ether (ETH) worth roughly $470.5 million over the past 10 hours. The miners latest haul brings its total holdings to 1,297,093 ETH, valued at about $5.75 billion, according to transactions tracked by Lookonchain.

The transactions reveal that BitMine acquired much of the ETH through large over-the-counter (OTC) deals and direct transfers from well-known institutional intermediaries, including Galaxy Digital, FalconX and BitGo.

Adding to the buying spree, an unidentified whale has quietly amassed 92,899 ETH, around $412 million, over the past four days. The entity set up three fresh wallets before withdrawing the funds from Kraken, suggesting a deliberate long-term storage strategy.

Whale accumulates ETH. Source: Lookonchain

BitMine and SharpLink raise billions

Adding fuel to the corporate push into Ether treasuries, Public Bitcoin mining firm BitMine Immersion Technology is raising $24.5 billion through an at-the-market (ATM) stock offering, while SharpLink completed a $389 million capital raise from common shares.

Whales, or large crypto holders, have also started accumulating Ether. As reported, a newly identified entity purchased $1.3 billion in Ether across 10 new wallets this week, surpassing the $1 billion record set by ETFs on Monday.

Notably, Standard Chartered has lifted its 2025 Ether price target to $7,500 from $4,000, pointing to intensified institutional accumulation and faster stablecoin adoption following recent US regulatory shifts.

The banks new long-term outlook sets ETH at $12,000 in 2026, $18,000 in 2027 and $25,000 by 2028.

Profit-taking, however, is starting to emerge as ETH approaches a fresh all-time high. On Wednesday, the whale group known as 7 Siblings offloaded 19,461 ETH, worth $88.2 million, in 24 hours at an average price of $4,532.

The Ethereum Foundation also sold 2,795 ETH, valued at roughly $12.7 million, in two separate transactions late Tuesday.