Data Points to New Bitmine Accumulation With 20K ETH Inflow
TL;DR
- Bitmine, the firm chaired by Tom Lee, received 20,000 ETH from Kraken according to on-chain data from Lookonchain, though the company did not confirm the transaction.
- The company reported holdings of 5,847,611 ETH valued at approximately $14.7 billion following a large weekly purchase disclosed on August 24.
- Lee stated that the goal of holding 5% of Ethereum’s circulating supply could be reached before the end of 2026, with only around $350 million more in ETH needed.
The on-chain analytics platform Lookonchain detected a transfer of 20,000 ETH, equivalent to approximately $48.9 million, from the exchange Kraken to a wallet linked to Bitmine, the treasury chaired by Tom Lee. The company issued no official confirmation, but the pattern of flows from an exchange to a corporate wallet immediately fueled speculation about a new round of institutional accumulation.
Bitmine disclosed on August 24 that its holdings stand at approximately 5,847,611 ETH, valued at around $14.7 billion, the result of sustained weekly purchases throughout August. Lee has publicly stated that the firm needs roughly $350 million more in ETH to reach its goal of controlling 5% of Ethereum’s circulating supply, a target he projects will be met before the end of 2026.
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