TL;DR
- BitMine bought 67,111 ETH worth about $145 million from Kraken in roughly five hours, lifting total holdings above 4.66 million ETH for the firm.
- The treasury now represents about 3.86% of circulating supply and advances the company’s “Alchemy of 5%” plan under Tom Lee’s chairmanship for its strategy.
- Despite the buying spree, ETH stayed near $2,180 to $2,200, with neutral RSI and MACD signaling consolidation rather than an immediate breakout.
Tom Lee’s BitMine has accelerated its Ethereum accumulation with a purchase wave large enough to shift how the market reads institutional conviction. The latest buying streak is not just another treasury update, but a signal that one public company is trying to scale into Ethereum at unusual speed. BitMine Immersion Technologies, chaired by Lee, bought 67,111 ETH worth about $145 million from Kraken in roughly five hours. The move pushed total holdings above 4.66 million ETH, equal to about 3.86% of circulating supply, and advanced the firm’s stated “Alchemy of 5%” objective for the company.
It seems that Tom Lee(@fundstrat)'s #Bitmine bought another 67,111 $ETH($145M) from #Kraken in the past 5 hours.https://t.co/YHE7LVj0B6https://t.co/6pRECI1Q5T pic.twitter.com/VzDuf1ky9F
— Lookonchain (@lookonchain) March 25, 2026
Why the latest accumulation wave stands out
What makes the move more striking is how deliberate the treasury thesis has become. Lee has framed the current backdrop as the tail end of a “mini-crypto winter,” and BitMine’s behavior suggests it is buying into that thesis rather than waiting for confirmation. The accumulation strategy implies that the firm sees Ethereum less as a short-term trade and more as foundational infrastructure with room to absorb corporate balance-sheet demand. In practical terms, BitMine is positioning itself not as a public holder of ETH, but as one of the largest institutional treasuries built around Ethereum exposure.
The market response has been calmer than the headline size might suggest. Despite the scale of the purchase, Ethereum has stayed in a tight band that hints at absorption rather than frenzy. After the buying wave, ETH continued trading in the $2,180 to $2,200 range, with RSI hovering around 56 to 57 and MACD near the zero line. That combination points to a market consolidating rather than sprinting. The pattern fits a classic institutional accumulation profile, where large buyers add exposure without immediately forcing a sharp repricing that would make future purchases more expensive later.
The broader implication is harder to ignore because it comes amid softer ETF flows and cautious sentiment. BitMine’s buying wave suggests that direct spot accumulation may be diverging from the slower mood in investment channels. If that pattern persists, it could help limit downside while building a base for the next move higher. For now, the market remains in wait-and-see mode around the $2,200 area. But the signal from this treasury strategy is unusually clear: one institution is buying Ethereum aggressively, quietly and at a scale large enough to shape how others think about adoption.
