The identity behind a long-unknown, massive cryptocurrency whale has been revealed. Blockchain analysis platform Arkham announced that the address in question belongs to Bitmine Immersion Technologies. The company is chaired by renowned Wall Street strategist Tom Lee.
According to Arkham data, Bitmine holds a total of $5.14 billion in assets with 1.17 million Ethereum (ETH), making it the company with the largest Ethereum treasury in the world.
Bitmine purchased an additional 28,650 ETH (approximately $129.89 million) in just the last hour. This aggressive buying strategy appears set to continue in the coming days. Tom Lee highlighted the supply shortage in Ethereum, claiming that institutional investors haven't yet fully grasped this opportunity.
Bitmine stands out as a company that was previously known for its Bitcoin mining operations but has recently shifted its focus to accumulating Ethereum. Under Lee's leadership, the company aims to increase its ETH reserves by raising an additional $20 billion.
Corporate crypto treasury strategies first came to the fore in 2020 with Michael Saylor's Bitcoin purchases with MicroStrategy. Recently, companies have begun adding alternative crypto assets to their balance sheets, moving down the risk curve.
*This is not investment advice.
