Bitmine Amasses Record-Equivalent Ethereum Holdings Amid Institutional Upward Trajectory

Bitmine has been aggressively accumulating Ethereum (ETH) in recent weeks, and its latest purchase of 27,180 ETH has brought its total holdings close to 6 million units.

According to Santiment data, the supply available on trading platforms has dropped by a staggering 73% from its peak, indicating that holders are withdrawing their ETH from exchanges at an unprecedented pace.

Bitmine's chairman, Tom Lee, signaled institutional upside in Ethereum after the company's latest purchase of $131.3 million worth of ETH last week, which was its largest since June.