Tom Lee’s affiliate company Bitmine continues to actively accumulate Ethereum. On December 22nd, on-chain data showed that Bitmine purchased an additional 13,412 ETH. The value at the time of the transfer is approximately $40.6 million. Blockchain records show that ETH was moved from the Kraken hot wallet to an address linked to Bitmine. The transaction took place within minutes and represented a direct exchange withdrawal rather than an over-the-counter transfer.
On-chain wallet activity confirms exchange withdrawals
According to on-chain tracking data, the receiving wallet address currently holds over 13,400 ETH on the Ethereum network. More than $40 million was received in a single transfer. Previous activity from the same address showed a small test transaction followed by a full ETH inflow.
It looks like Tom Lee (@fundstrat)’s #Bitmine bought an additional 13,412 $ETH($40.61M). https://t.co/m3WT8Jwh6x pic.twitter.com/DCpdDNp0U9
— Lookonchain (@lookonchain) December 22, 2025
This pattern often indicates agency-level enforcement. It also suggests that wallet operators verify address accuracy before moving sizes. Notably, the wallet has not had any significant outbound activity so far. This indicates that ETH is likely being held for long-term storage rather than short-term trading.
Bitcoin’s ETH buying continues
This purchase follows an even larger purchase made earlier this month. On December 17th, wallets linked to Bitmine acquired over 48,000 ETH, worth over $140 million at the time. Combining these purchases presents a consistent accumulation strategy. Market observers note that Bitmine’s ETH holdings make up a significant portion of the current circulating supply. Although the exact percentage varies, previous estimates put the company above the 3% threshold. As a result, Bitmine has emerged as one of the largest known holders of ETH outside of exchanges and protocol-related wallets.
ETH price remains stable after remittance
At the time of the transfer, Ethereum was trading at around $3,028. Price movement remained stable for several hours after the trade. There were no immediate spikes or dips associated with on-chain movements. Prior to the move, ETH was already consolidating after recent volatility. After the purchase, the price continued to move within a narrow range. This suggests that the market absorbed the buying pressure smoothly. Additionally, there was no noticeable spike in liquidations across major derivatives exchanges during this period. Both long-term and short-term liquidations remained silent. This indicates that traders did not respond positively to on-chain signals.
Systematic accumulation suggests long-term convictions
Bitmine’s repeated ETH purchases come at a time when many companies’ accumulation of crypto government bonds has slowed. However, the company appears to be moving in the opposite direction. By sourcing ETH directly from exchanges and holding it on-chain, Bitmine reduces the available liquid supply. Over time, such actions can influence market trends, especially during periods of high demand. The data now shows a clear pattern. Bulk purchases, direct withdrawals, no signs of distribution. As Ethereum trades near key psychological levels, market participants continue to closely monitor Bitcoin-linked wallets for next moves.
