Bitmine Buys $417M in Ethereum Amid Market Crash
Bitmine grabs 104K ETH worth $417M from Kraken and BitGo, signaling big moves despite market downturn.
- Bitmine acquired 104,336 ETH worth $417M in one day
- The ETH came from Kraken and BitGo across 3 wallets
- Tom Lee still sees Ethereum reaching $10K in 2025
Even in the middle of a crypto market crash, large investors are making bold moves. One of the biggest names currently making headlines is Bitmine. In just seven hours, Bitmine reportedly bought 104,336 ETH—valued at around $417 million—transferred into three newly created wallets.
This large Ethereum purchase was split among wallets receiving funds from two well-known platforms: Kraken and BitGo. These wallets are believed to be controlled by Bitmine, based on blockchain activity and tracking tools. Such a massive acquisition has sparked speculation about what’s coming next for Ethereum, especially with prices still unstable.
Kraken and BitGo Transfers Suggest Strategic Accumulation
The involvement of Kraken and BitGo—two major names in the crypto custody and exchange space—adds another layer of credibility and interest to the transaction. Since Bitmine didn’t buy all the ETH through one platform, it’s clear this was a calculated move, likely planned over time.
The Ethereum buy comes at a time when prices are low, which many view as a signal that institutions or large whales are quietly accumulating before a potential rebound.
Tom Lee Still Bullish on Ethereum’s Future
Despite the recent market crash, Fundstrat’s Tom Lee hasn’t changed his tune. He’s doubling down on his bullish prediction that Ethereum will hit $10,000 by the end of 2025. For ETH to reach that target, it would need to more than quadruple from its current price levels.
Lee believes that macro trends, such as the growth of decentralized finance (DeFi), Ethereum’s technological upgrades, and increasing institutional interest, support his forecast. Moves like Bitmine’s massive ETH purchase could be part of this broader institutional strategy.
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