BitMine, the Ethereum treasury management company led by Tom Lee – co-founder of Fundstrat – continues to attract attention in the cryptocurrency market as it is believed to have added a significant amount of ETH to its portfolio. According to on-chain data compiled by Arkham , analyst Lookonchain reports that BitMine purchased approximately 29,462 ETH, equivalent to about $88 million, through major custody and trading platforms such as BitGo and Kraken on Monday. While these transactions have not been directly confirmed by BitMine, they are consistent with the large-scale Ethereum accumulation strategy the company has been pursuing YTD.
Previously, BitMine officially announced that the NYSE-listed company had purchased a total of 98,852 ETH in just the past week. As of now, BitMine holds approximately 4,066,062 ETH, with an Medium purchase price of around $2,991 per ether. Based on current market prices, BitMine's Ethereum treasury is estimated to be worth approximately $12 billion, making it the world's largest holder of ETH among publicly traded companies.
BitMine's continuous accumulation of Ethereum demonstrates its aggressive strategy of consolidating its market position. The company aims to control approximately 5% of the circulating ETH supply, an ambition Tom Lee calls "5% alchemy." According to him, holding a massive amount of Ethereum not only provides a financial advantage but also creates strategic synergistic effects in a context where traditional finance is increasingly shifting towards blockchain.
