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Crypto

Bitmine Accumulates 20K ETH from Kraken Amid Institutional Hype

Guavy AI Editorial Team
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Bitmine, a firm chaired by Tom Lee, has reportedly received a large influx of Ether (ETH) from the cryptocurrency exchange Kraken. According to on-chain data from Lookonchain, Bitmine acquired approximately $48.9 million worth of ETH, bringing its total holdings to around 5,867,611 ETH valued at roughly $14.7 billion.

Lee has stated that his goal is for Bitmine to control 5% of Ethereum's circulating supply, with only about $350 million in additional ETH needed to reach this target by the end of 2026.

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