BitMine pulls $65M in ETH from Kraken in latest accumulation move

Lookonchain data revealed hours ago that a Bitmine wallet has accumulated approximately $65.4 million in ETH. The transaction involved a withdrawal from the Kraken exchange, showing 20,000 ETH moved to the firm’s wallet. 

Based on on-chain data, withdrawals made by whales from exchanges have historically suggested accumulation rather than liquidation. The withdrawal reflects the intent to move funds to a cold storage for long-term holding rather than immediate sale. 

Bitmine ETH accumulation hits 4.07M ETH

Bitmine recently accumulated another 24,068 ETH on Wednesday, valued at approximately $80.57 million. The firm now holds 4.07 million ETH worth approximately $13.37 billion and represents 3.36% of ETH’s total supply. Tom Lee’s firm now ranks as the second-largest crypto treasury, behind Strategy, which holds 687,410 BTC, worth approximately $65.4 billion. 

The Ethereum token has jumped over 6% over the past week following a series of accumulations recorded by the treasury firm. At the time of publication, ETH was down 0.64% to $3,293. 

The recent moves follow Bitmines’ plans to launch its MAVAN (Made in America Validator Network) staking solution this year, in order to maintain its lead as a global crypto treasury firm. Tom Lee, chairman of Bitmine, pitched the MAVAN solution as a design strategy that moves the treasury firm from accumulation to monetization through validator operations. 

The launch of the MAVAN solution will help move his firm to become the largest staking provider across the crypto landscape, according to the Chairman. During the recent annual meeting on 15th January, Tom Lee urged Bitmine’s shareholders to vote to increase the authorized shares. 

He explained that Bitmine’s charter has an unusual feature requiring 50% of all outstanding shares to support a share increase. According to him, the clause limits the authorized share increase; therefore, there is a need to pursue the increment immediately to avoid slowing accumulation. 

Bitmine’s stock jumps over 4% this week 

Bitmine’s current total staked ETH stands at 2,155,656, valued at $7 billion, according to Arkham Intelligence data. This represents an increase of more than half a million since last week. So far, the CESR (Composite Ethereum staking rate) is 2.81% according to Quatrefoil data. Tom Lee outlined that if ETH is fully staked by MAVAN and its staking partners, the firm could realize an annual staking fee of $374 million at a 2.81% CESR. 

Bitmine’s stock has jumped 0.94% today following the news of accumulation trading at $31.16. The stock has recorded an over 4% increase, with an average volume of $45.39 million over the past five days following a series of accumulations.

Meanwhile, Ethereum-focused treasuries hold approximately 13.1 million ETH, including those focused on staking and ETF strategies. Sharplink is the largest competitor to Bitmine, with current accumulation standing at 863.02 K ETH valued at $2.84 billion, followed by The Ether Machine treasury firm. The Ether Machine now holds 496.1K ETH, valued at $1.64 billion. 

U.S. Ethereum ETFs now hold approximately 6.31 million ETH valued at approximately $20.67 billion. That is roughly 5.2% of the total ETH supply. Based on data delivered by SoSoValue, BlackRock’s iShares Ethereum Trust ETF (ETHA) has attracted $12.94 billion since its launch, representing more than 50% of the market share across ETH ETFs.

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