BitMine Technologies, a crypto treasury company led by Tom Lee, purchased 7,660 Ethereum (ETH), worth about $29.28 million, from Galaxy Digital, a digital assets and data center firm, according to Arkham Intelligence data. The purchase was made 24 hours ago through Galaxy Digital’s over-the-counter (OTC) trading desk, which means it was done privately to avoid large price changes on public exchanges.
According to Arkham data, Galaxy Digital sent two separate batches of 3,818 and 3,842 ETH to BitMine’s main wallet. The average buying price was around $3,823 per ETH, which is almost the same as Ethereum’s trading price at the time.
Thriving for 5% of total ETH supply
This purchase aligns with the firm’s “Alchemy of 5%” goal, a strategy led by its Chairman, Thomas Lee, to accumulate up to 5% of Ethereum’s entire circulating supply of roughly 120 million tokens.
Currently, BitMine holds about 2.8% of the total ETH in circulation, which is valued at around $12.24 billion, making it the largest corporate holder of Ethereum in the world.
The company started accumulating ETH earlier in 2025. In October alone, BitMine purchased over 200,000 worth of ETH valued at $800 million. Recently, it raised $365 million in capital from selling 5.22 million shares at a premium price. BitMine’s approach avoids market volatility by purchasing OTC rather than on open exchanges.
Traders skeptical about ETH’s $5000 prediction
While institutions like BitMine are buying heavily, smaller traders are more careful. According to data from the prediction market on Kalshi, the chances that Ethereum will reach $5,000 by the end of 2025 has dropped to 31% compared to the previous month’s 40%.
This drop is because of the concern that the Federal Reserve might cut interest rates this month, which is still uncertain. Meanwhile, after the FOMC meeting last October, Fed Chair Jomore Powell said that the state of the economy has not changed a lot to result in another rate cut.
Currently, Ethereum is trading at $3,879. This a modest 0.27% drop over the last 24 hours, and it ended the month of October with a 13% drop.
Despite this skepticism, crypto analyst Ted Pillows believes that the cryptocurrency could surge again if a few more buyers like Bitmine comes in.
“Bitmine bought $29,280,000 in $ETH today. They are consistently buying $200M-$300M in Ethereum each week. We need a few more buyers like that, and ETH reversal could happen.” he said in his post.
Also Read: Ethereum Foundation Launches New Site for Institutions and TradFi
