Nikolas Sargeant
Tom Lee's Ethereum-focused treasury company BitMine has purchased at least $229.31 million worth of ETH this week, including a fresh acquisition of 30,075 ETH valued at $88.73 million, according to blockchain intelligence platform Arkham.
"Two fresh wallets just withdrew $88.73M of ETH from FalconX," Arkham Monitoring reported. "This acquisition matches prior BitMine purchase patterns." The transaction follows established protocols the company has used for previous large-scale Ethereum purchases through institutional trading platforms.
BitMine has maintained aggressive Ethereum accumulation despite recent market volatility. The latest purchase follows a $140 million ETH acquisition from a hot wallet on FalconX disclosed days earlier, demonstrating the company's sustained commitment to building its treasury position regardless of short-term price movements.
The NYSE American-listed company announced Monday that it now controls over 3.2% of total ETH token supply. According to CoinGecko's ETH treasury tracking data, BitMine has purchased 407,331 ETH over the past 30 days, representing one of the most concentrated institutional buying campaigns in Ethereum's history.
Earlier this month, BitMine acquired nearly $70 million worth of ETH over three days, establishing itself as the largest Ether-focused corporate treasury by a substantial margin. Days later, the company added another $150 million to its balance sheet, accumulating 18,345 ETH via BitGo and 30,278 ETH through Kraken in transactions that marked one of the largest single inflows into a corporate Ethereum treasury this year.
BitMine management has previously stated the firm aims to control approximately 5% of total ETH supply, suggesting current accumulation represents roughly 64% progress toward that strategic objective. At current supply levels, reaching 5% ownership would require BitMine to hold over 600,000 ETH, indicating substantial additional purchases ahead if the company maintains its stated goal.
The aggressive treasury strategy mirrors approaches pioneered by Bitcoin-focused companies like MicroStrategy, which has accumulated over 400,000 BTC through equity and debt offerings. BitMine's concentrated focus on Ethereum represents a bet that the smart contract platform will maintain or expand its market position as blockchain infrastructure for decentralized finance, non-fungible tokens, and enterprise applications.
BitMine Immersion Technologies stock (ticker: BMNR) declined 3.04% on Thursday, closing at $29.32 according to Google Finance data. The slide followed Cathie Wood's ARK Invest purchasing $10.56 million worth of shares in the firm across three exchange-traded funds on Wednesday.
ARK's investment adds to a previous $17 million BitMine purchase, demonstrating sustained institutional confidence in the company's Ethereum treasury strategy despite stock price volatility. ARK also reported buying $5.9 million worth of Coinbase shares and $8.85 million in Bullish, a cryptocurrency exchange operator, reflecting broader portfolio expansion in digital asset infrastructure companies.
The stock price decline despite ARK's purchase may reflect broader market concerns about cryptocurrency volatility or investor caution regarding companies with concentrated exposure to single digital assets. BitMine's business model creates direct correlation between company valuation and Ethereum price movements, introducing volatility that traditional treasury management typically seeks to minimize.
BitMine's accumulation strategy occurs as Ether held on centralized exchanges has reached all-time lows, with exchange balances falling to 8.7% of total supply. The declining liquid supply on exchanges, combined with institutional accumulation from entities like BitMine, could establish conditions for supply constraints if demand increases significantly.
