JPMorgan Chase has acquired a major position in Bitmine Immersion Technologies, a firm described as the world’s largest holder of Ethereum reserves. According to a 13F-HR report filed with the U.S. Securities and Exchange Commission (SEC) on November 7, the banking giant held 1,974,144 shares of the company as of September 30. The stake is valued at approximately $102 million.

A Strategic Shift from Mining to Reserves

Bitmine Immersion Technologies began as a Bitcoin mining operation but is in the process of a strategic pivot. The company is transforming into a dedicated Ethereum reserve holder, a transition it aims to complete by 2025. It has already established a dominant position in this niche, currently holding over 3.24 million ETH, solidifying its status as the largest institutional reserve of the cryptocurrency.