Mysterious Whale or Institution? Who’s Snapping Up ETH?

TL;DR

• After a slow first half of the year, Ethereum’s native token has become a rock star in the past few months as multiple companies, whales, and different types of investors have started to accumulate it.
• Lookonchain has reported a new mysterious entity that has joined the aforementioned pack with substantial purchases.

Aside from #Bitmine, another mysterious institution has been buying $ETH.

Over the past 4 days, the mysterious institution created 3 new wallets and withdrew 92,899 $ETH($412M) from #Kraken.https://t.co/v7DWdOWlCShttps://t.co/ZN1q300qKShttps://t.co/V1FoJbfR5h pic.twitter.com/sX96HRqGa4

— Lookonchain (@lookonchain) August 16, 2025

The information about this institution is scarce. What we know so far from Lookonchain’s post is that they created three wallets in less than a week and have already accumulated over 92,899 ETH (valued at over $410 million).

Some speculations below the post claim that these wallets belong to already established names in the Ethereum reserve strategy race, but there’s not much hard evidence to support this theory as of now.

Current data shows that Bitmine Immersion Technologies stands out as the biggest company ETH whale, holding almost 1.3 billion tokens, currently valued at more than $5.7 billion. SharpLink follows suit with 598,800 ETH, while Coinbase and Bit Digital are next with 136,782 ETH and 120,306 ETH, respectively.

Bitmine’s latest purchase came during the current market-wide retracement that drove Ether from over $4,700 to $4,400. While smaller investors started to panic-sell their ETH stash, Bitmine spent another $470 million to acquire 106,485 tokens.

In contrast, the Ethereum Foundation has continued its sell-off. Data from Lookonchain shows that one of its wallets disposed of another 7,294 ETH in total over the past three days to secure $33.25 million.