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10h ago

BitMine Buys $417 Million in Ether, Lifting Treasury Above 3.03 Million ETH

On-chain flows into new company wallets underscore a strategy of buying pullbacks toward a 5% share of supply.

Bitmine adds $417m to ethereum treasury as tom lee doubles down on $10k eth by year end

Overview

  • Lookonchain reported a 104,336 ETH purchase over seven hours, distributed to three new wallets following outflows from Kraken and BitGo.
  • The latest buy brings BitMine’s disclosed holdings to roughly 3.03–3.04 million ETH, now accounting for more than 2.5% of circulating supply.
  • BitMine accumulated over 300,000 ETH in the past week as prices hovered near $4,000, with CoinGlass tracking about $115 million in ETH liquidations.
  • Chairman Tom Lee reiterated a year-end ETH target of $10,000–$12,000, citing institutional adoption and tokenization as key drivers.
  • Public companies bought 95% of their ETH in Q3, taking collective holdings to about 4.63 million ETH, or roughly 4% of supply, according to Bitwise.