Fresh blockchain data reveals that three newly activated wallets recently accumulated more than 104,000 ETH – worth approximately $417 million – through transfers originating from major custodians Kraken and BitGo.
Onchain analysts suggest the movement is consistent with BitMine’s previous buying behavior, though the company has yet to make an official announcement.
The timing of the acquisitions is telling. Over the past week, digital assets have faced heavy selling pressure, but BitMine seems to view the decline as a long-term opportunity rather than a setback. Earlier this week, the firm disclosed that it had already picked up more than 200,000 ETH following a weekend market slide.
Blockchain intelligence group Arkham corroborated the latest onchain patterns, identifying multiple whale wallets linked to prior BitMine transactions, each holding around $75 million in ETH. Such coordination suggests the purchases are part of a deliberate accumulation strategy.
Tom Lee, who chairs BitMine’s board, has remained optimistic despite the turbulence. Both he and BitMEX co-founder Arthur Hayes have reiterated their end-of-year forecast of $10,000 per ETH – a bold target that reflects enduring faith in the network’s fundamentals and the upcoming supply dynamics.
While many institutions scale back exposure during corrections, BitMine’s repeated buying sprees have solidified its reputation as a deep-pocketed accumulator with long-term conviction. The company’s growing ETH treasury underscores how some of the biggest players in the industry continue to treat price slumps as an opening rather than a warning sign.