Tom Lee’s BitMine has added another roughly $88M worth of Ether, after trackers flagged fresh inflows totalling about 29,462 ETH as the token hovered near $2,978.
One transfer showed 18,454 ETH worth about $55.24M moving out of a BitGo hot wallet into a destination address beginning 0xecA84, according to Arkham data.
Minutes earlier, another 11,008 ETH worth about $33.14M flowed from a Kraken hot wallet to an address beginning 0x1b6E316.
BitMine Adds To ETH Stack As Prices Lag
Together, the two inflows total roughly 29,462 ETH, adding fresh fuel to the view that Tom Lee’s BitMine is still leaning into the dip.
Ether has struggled to regain altitude this cycle. The token last traded near $2,978 on Tuesday, down nearly 40% from its peak, even as it has climbed almost 6% over the past month.
BitMine, listed as BitMine Immersion Technologies under the ticker BMNR, has pitched Ethereum as its primary treasury asset, turning its balance sheet into a vehicle for building a large, concentrated stake in the network.
BitMine Controls More Than 3% Of Ethereum Supply
A dashboard from StrategicEthReserve.xyz lists BitMine as now holding about 4.07M ETH worth roughly $12.15B, and pegged that stash at 3.36% of supply.
It also places BitMine well ahead of the next entries it tracks, including SharpLink Gaming at about 863,020 ETH and The Ether Machine at about 496,710 ETH, with the Ethereum Foundation listed at about 229,470 ETH.
In its own messaging, BitMine has framed its goal as an “Alchemy of 5%,” a push to reach a 5% stake of all ETH, turning each incremental buy into a milestone watched closely by traders.
BitMine appears to be betting that a big ETH reserve becomes more valuable as staking economics mature, institutional rails expand and Ethereum remains the settlement layer for stablecoins and tokenized assets.
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