While short sellers question its future, BitMine Immersion Technologies is quietly building one of the most powerful corporate Ethereum treasuries in history.

Blockchain data shows the company has been on a buying spree this month, adding more than $190 million worth of Ether in under a week – even as critics call its strategy outdated.

Betting on the Network

The latest transaction, identified by Lookonchain, revealed a transfer of 23,823 ETH from a BitGo wallet to BitMine’s treasury, worth about $103.7 million at current prices. It follows a similar $89.7 million purchase earlier in the month.

That makes BitMine the single largest public Ethereum holder, now controlling around 2.83 million ETH, valued at roughly $12.4 billion – second only to Michael Saylor’s Strategy in total crypto reserves.

For Tom Lee, BitMine’s founder and Fundstrat co-creator, this is part of a deliberate plan to capture 5% of Ethereum’s total supply and position the firm as a long-term institutional backbone for the network.

Confidence vs. Criticism

Not everyone is convinced. Earlier this week, short-seller Kerrisdale Capital announced a bearish position against BitMine, calling its business model “a relic.” Shares dropped 1.5% on the day, though Ether only slipped 1%, trading around $4,330.

But market sentiment is shifting. Fundstrat’s own Mark Newton believes Ethereum is nearing a short-term bottom, expecting a reversal toward $5,500 once the current correction stabilizes near $4,200. If that scenario plays out, BitMine’s accumulation could look remarkably prescient.