Tom Lee's BitMine adds $113 million worth of ETH to treasury: onchain data
Quick Take
- BitMine acquired $113 million worth of ETH on Tuesday.
- The company’s Monday disclosure revealed that its treasury holdings have surpassed 3.3 million ETH, worth over $13 billion.
BitMine Immersion Technologies added 27,316 ETH to its corporate Ethereum treasury on Wednesday.
Lookonchain, using Arkham data, reported that BitMine acquired $113 million worth of ETH through wallet "0xDc8…3a07f" from BitGo on Tuesday. However, this transaction has not been officially confirmed by BitMine.
On Monday, BitMine officially announced that its holdings have surpassed 3.3 million ETH, worth around $13.2 billion at current prices. The treasury firm, led by Fundstrat co-founder Tom Lee, is currently the largest ETH treasury and the second-largest crypto treasury, behind Michael Saylor's Strategy.
The company has repeatedly stated its goal of accumulating 5% of Ethereum's total supply and expressed its commitment to supporting Ethereum's growing role in financial market services. BitMine is supported by institutional investors including Ark Invest's Cathie Wood, Bill Miller III, DCG, Founders Fund, Galaxy Digital, Kraken, and Pantera.
Lee has also endorsed Ethereum on multiple occasions, saying Wall Street players and the White House will favor Ethereum in their future blockchain endeavors as it is a "truly neutral chain."
Meanwhile, Ethereum is down 2.36% in the past 24 hours to trade at $4,000, according to The Block's ETH price page.
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