BitMine currently controls over 3.2% of Ethereum’s total circulating supply.
Tom Lee’s associated firm Bitmine has continued its aggressive Ethereum accumulation. On December 22, on-chain data showed Bitmine purchased another 13,412 ETH. It is worth roughly $40.6 million at the time of transfer. Blockchain records indicate the ETH moved from a Kraken hot wallet into a Bitmine-linked address. The transaction occurred within minutes, signaling a direct exchange withdrawal rather than an over-the-counter transfer.
According to on-chain tracking data, the receiving wallet address now holds more than 13,400 ETH on the Ethereum network. The funds arrived in a single transfer valued at over $40 million. Earlier activity from the same address showed a small test transaction, followed by the full ETH inflow.
This pattern often signals institutional-grade execution. It also suggests the wallet operator verifies address accuracy before moving size. Notably, the wallet has no major outbound activity so far. This indicates the ETH is likely held for long-term custody rather than short-term trading.
This latest purchase follows a much larger accumulation earlier this month. On December 17, Bitmine linked wallets acquired more than 48,000 ETH, valued at over $140 million at the time. Combined, these purchases point to a consistent accumulation strategy. Market observers have noted that Bitmine’s ETH holdings now represent a significant portion of the circulating supply. While exact percentages fluctuate, estimates previously placed the firm above the 3% threshold. As a result, Bitmine has emerged as one of the largest known ETH holders outside of exchanges and protocol-related wallets.
Ethereum traded around $3,028 when the transfer occurred. Price action remained stable in the hours following the transaction. There was no immediate spike or sell-off linked to the on-chain move. Before the transfer, ETH had already consolidated after recent volatility. After the purchase, the price continued to range within a narrow band. This suggests the market absorbed the buying pressure smoothly. There were also no notable liquidation spikes across major derivatives exchanges during this period. Both long and short liquidations stayed muted. This indicates that traders did not react aggressively to the on-chain signal.
Bitmine’s repeated ETH buys come at a time when many corporate crypto treasuries have slowed accumulation. Yet, this firm appears to be moving in the opposite direction. By sourcing ETH directly from exchanges and holding it on-chain, Bitmine reduces the available liquid supply. Over time, such behavior can influence market dynamics, especially during periods of rising demand. Currently, the data shows a clear pattern. Large buys, direct withdrawals and no signs of distribution. As Ethereum trades near key psychological levels, market participants continue to watch Bitmine-linked wallets closely for the next move.
