BitMine is Still Buying ETH: Total Accumulation This Week Reaches $229M

Tom Lee’s Ethereum-focused treasury company, BitMine, has bought at least $229.31 million worth of ETH this week alone, Arkham reported. On-chain data show that the firm just bought another 30,075 ETH ($88.73 million).

“Two fresh wallets just withdrew $88.73M of ETH from FalconX,” Arkham Monitoring reported. “This acquisition matches prior BitMine purchase patterns.”

BitMine Owns Over 3% of ETH Supply

BitMine has been aggressively accumulating Ether despite the market slump. The fresh purchase arrives days after the company disclosed a $140 million worth ETH buy from a hot wallet on FalconX.

Further, the NYSE American–listed company said Monday that it owns over 3.2% of the ETH token supply. According to CoinGecko ETH treasury data, the company has purchased 407,331 ETH in the last 30 days.

Early this month, BitMine bought nearly $70 million worth of ETH in three days, positioning itself as the biggest Ether-focused crypto treasury by a wide margin.

Days after, the company accumulated another $150 million of Ether to its balance sheet, adding 18,345 ETH via BitGo and 30,278 ETH through Kraken. The purchase marked one of the largest single inflows into a corporate Ethereum treasury this year.

BitMine management said previously that the firm aims to control around 5% of all ETH supply.

ARK Buys $10.56M Shares in BMNR, Stock Slides

BitMine Immersion Technologies (BMNR) fell 3.04% on Thursday, closing at $29.32, per Google Finance data.

The slide comes after Cathie Wood’s ARK Invest bought $10.56 million worth of shares in the firm across its three exchange-traded funds on Wednesday. This purchase adds on top of the previous $17 million purchase of BitMine.

ARK also reported buying $5.9 million worth of Coinbase shares and $8.85 million worth of Bullish.