According to on-chain data shared by Lookonchain, Bitmine, led by Tom Lee, continues to purchase Ethereum (ETH). The company reportedly withdrew 12,500 ETH from the Kraken cryptocurrency exchange today. The total value of the transferred Ethereum is estimated to be approximately $34.55 million.
This transaction stands out as Bitmine’s latest move to increase its Ethereum holdings. According to on-chain data tracked by Lookonchain, the company moved a significant amount of ETH off-exchange via Kraken.
The transfer of 12,500 ETH reached a value of approximately $34.55 million, indicating that the Ethereum price was around $2,764 at the time of the transaction. However, it is noted that a transfer from an exchange does not directly mean a new purchase, and assets can be moved for different purposes.
Bitmine stands out among institutional companies in the cryptocurrency market, particularly with its Ethereum-focused treasury strategy. Tom Lee serves as the company’s chairman, and Ethereum accumulation forms a significant part of the company’s digital asset strategy.
In the cryptocurrency market, large-scale ETH transfers are among the on-chain movements monitored by institutional investors for asset management and long-term custody preferences.
Delisting ETH from exchanges, unlike transfers to exchanges for sale, can in some cases be interpreted as holding assets for a longer period. However, it is not possible to draw definitive conclusions about the company’s future investment plans based on a single transfer.
Whether Bitmine will continue to increase its ETH holdings in the coming period will become clearer with the company’s new transfers and announcements.
*This is not investment advice.
