Tom Lee’s BitMine buys 20,000 ETH from Kraken, bringing total to 4.21M ETH worth $13.9B after $146M in recent purchases.
BitMine Immersion Technologies has acquired 20,000 ETH worth approximately $65.4 million from the Kraken exchange.
The recent purchase is part of a larger accumulation phase. It brings the company’s total Ethereum acquisitions in the past three days to 44,068 ETH, valued at around $146 million.
Moreover, BitMine, led by Tom Lee, now holds over 4.21 million ETH, making it the largest Ethereum treasury globally.
BitMine Expands Holdings Toward 5% Ethereum Supply Target
BitMine continues to expand its Ethereum treasury with the long-term goal of owning 5% of the total ETH supply.
With more than 4.21 million ETH now under management, the company is steadily moving toward this target. This latest purchase of 20,000 ETH on January 17, 2026, supports that strategy.
The company actively acquires ETH during price fluctuations, with Ethereum trading around $3,300 at the time of purchase. BitMine views Ethereum as a core reserve asset and integrates it into its broader financial and staking strategies. Its holding value now exceeds $13.9 billion.
Staking Activity Generates Income and Slows Network Entry
BitMine stakes a large portion of its ETH holdings to generate yield.
The company estimates over $400 million in annual pre-tax income from staking rewards. This activity contributes to Ethereum network congestion, increasing validator entry wait times.
The staking backlog has led to more than 44 days of waiting time for new validators to join the network. This is partly due to BitMine’s large-scale activity, which locks up ETH for long-term yield.
Staking has become a central part of the company’s Ethereum use strategy.
Related Reading: Bitmine Stock Gains After $200M Bet on Beast Industries
Shareholder Support and Strategic Investments Continue
BitMine’s expansion efforts are backed by shareholders.
A recent vote approved an increase in authorized shares to allow more ETH purchases and strategic acquisitions. The move is part of the company’s plan to grow its treasury and expand into other financial areas.
In addition to its crypto holdings, BitMine recently invested $200 million in Beast Industries, a company started by YouTuber MrBeast. This investment supports BitMine’s push into digital platforms and financial services.
The company sees it as part of a larger shift toward integrating Web3 with broader business models.
With these combined efforts, BitMine continues to grow its presence in the Ethereum ecosystem while diversifying its investments across tech and digital assets.
Source: https://www.livebitcoinnews.com/tom-lees-bitmine-buys-20000-eth-from-kraken-adding-to-146m-spree/
