- BitMine’s onchain activity signals another major ETH addition nearing $88M.
- Corporate Ethereum accumulation accelerates as BitMine edges closer to 5% goal.
- Tom Lee-led firm deepens ETH treasury dominance amid steady institutional demand.
Fresh onchain signals have drawn attention to BitMine as corporate demand for ether continues to build. Market observers flagged sizable ETH movements tied to the firm, reinforcing its aggressive accumulation narrative.
The activity aligns closely with BitMine’s stated ambition to dominate corporate Ethereum ownership. According to Lookonchain, blockchain data showed BitMine receiving 29,462 ETH worth about $88M. The data was sourced from Arkham and tracked multiple transfers. These ETH inflows reportedly originated from BitGo and Kraken.
However, BitMine has not officially confirmed these specific transactions. Even so, the reported transfers surfaced shortly after the company disclosed a much larger accumulation. Consequently, the timing strengthened assumptions around continued treasury expansion.
Besides the onchain activity, BitMine formally disclosed that it acquired 98,852 ETH last week. The disclosure confirmed sustained buying rather than isolated market activity. As a result, total holdings now stand at 4,066,062 ETH.
The company reported an average acquisition price of $2,991 per ETH. Hence, its Ethereum treasury carries an estimated value of $12B at current prices. This figure places BitMine firmly ahead of other corporate Ethereum holders.
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Corporate conviction behind the accumulation
According to the company statement, Chairman Tom Lee framed the strategy as deliberate and long-term. He said BitMine continues advancing toward its target of holding 5% of circulating ETH. Additionally, Lee highlighted operational synergies emerging from the growing treasury.
Moreover, Lee positioned BitMine as a bridge between traditional finance and blockchain-based systems. He emphasized engagement with entities shaping decentralized finance infrastructure. Consequently, Ethereum plays a central role in the firm’s broader financial strategy.
Meanwhile, the firm’s status as a NYSE-listed company adds weight to its accumulation campaign. Public disclosures offer transparency that private entities often lack. Hence, each reported purchase attracts outsized market attention.
Significantly, BitMine’s approach differs from firms diversifying across multiple digital assets. Instead, the company concentrates almost exclusively on Ethereum. This focus reflects confidence in Ethereum’s role within the global financial architecture.
Furthermore, repeated accumulation reinforces supply-side narratives surrounding ETH. Large corporate holdings can influence long-term liquidity expectations. Consequently, analysts continue monitoring BitMine-linked wallets closely.
The latest reported $88M inflow, though unconfirmed, fits a consistent pattern. BitMine continues stacking ETH quietly while reinforcing its dominance among corporate holders. The strategy keeps Ethereum closely tied to institutional balance sheet discussions.
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