BitMine’s Potential $44.34 Million ETH Acquisition Sparks Industry Interest

Significant Ethereum Acquisition by BitMine

A recent report by Lookonchain, based on Arkham data, reveals that BitMine might have acquired $44.34 million worth of Ethereum (ETH) from BitGo. The transaction, reportedly involving wallet “0xbd0…E75B8,” took place around 5:07 p.m. yesterday. However, BitMine has yet to confirm the deal officially.

This comes on the heels of BitMine’s earlier purchase announcement, where the company revealed its acquisition of $200 million worth of Ethereum. As of its last update, BitMine holds a significant 3,629,701 ETH, valued at approximately $10.9 billion, representing around 3% of the total Ethereum supply.

The company has long expressed its ambition to acquire 5% of Ethereum’s total supply, a goal in line with its commitment to supporting Ethereum’s increasing role in global financial markets. BitMine’s chair, Tom Lee, has previously stated that Wall Street and U.S. government officials are likely to favor Ethereum as the blockchain of choice for future financial endeavors, given its “truly neutral” nature.

BitMine’s Ongoing Expansion Plans and Market Influence

The recent ETH acquisition could signify BitMine’s continued strategy to accumulate Ethereum as part of its long-term vision. BitMine’s influence in the market continues to grow, especially given its public commitment to bolstering Ethereum’s ecosystem. This acquisition follows a broader trend of large-scale institutional interest in cryptocurrencies, particularly in Ethereum, seen in various strategic moves by prominent players like BitMine.

Market Outlook and Price Predictions

Moreover, Tom Lee’s outlook on the cryptocurrency market remains optimistic despite recent downturns. In a recent podcast, he projected that Ethereum would eventually bottom out at $2,500 before rising toward $7,000 to $9,000 by early 2026. He also predicted a bullish trajectory for Bitcoin, forecasting that it could exceed $100,000 by the year’s end as the Federal Reserve is expected to ease its monetary policy.

As of today, Bitcoin is trading at $91,309, experiencing a slight uptick of 0.13%. Meanwhile, Ethereum is down by 0.69%, trading at $3,018, reflecting the broader market’s volatility in recent weeks.

The latest transaction and the ongoing expansion of BitMine’s Ethereum holdings underscore the growing institutional confidence in the long-term potential of Ethereum, despite the current market challenges.