Tom Lee’s BitMine Adds 40,000 ETH From Kraken And FalconX

Tom Lee’s BitMine added another 40,000 ETH from Kraken and FalconX, extending one of the fastest Ethereum treasury accumulation strategies among public-market crypto companies.

The purchase was valued at about $71.6 million, putting the implied ETH price near $1,790. The flow came through two large institutional venue transfers rather than a series of smaller spot-market buys, matching the pattern seen in BitMine’s recent ETH accumulation.

The move has not yet appeared in a BitMine filing or official treasury update. Until the company refreshes its disclosed holdings, the purchase remains an onchain treasury-flow signal rather than a newly reported balance-sheet figure.

Ethereum Buying Continues Near Key Resistance

The latest transfer came as Ethereum tested one of its most important short-term resistance zones. ETH has been pressing into $1,796 and $1,816, where MVRV, TD Sequential and realized-price distribution levels have tightened the next breakout area.

That timing gives the purchase market weight beyond its dollar size. A large ETH treasury buyer adding near resistance can support the bullish narrative around Ethereum, but it also increases BitMine’s exposure if ETH fails to reclaim the zone and rolls back into lower support.

BitMine has continued buying through that setup. Tom Lee’s company previously bought another 25,000 ETH from Kraken after a larger weekly purchase, keeping the treasury strategy active even while ETH traded below stronger momentum levels.

The new transfer also follows a 75,000 ETH purchase from Kraken and FalconX, showing that the company has relied on major venue flows as it builds toward its long-term Ethereum target.

BitMine Keeps Pushing Toward 5% Of ETH Supply

BitMine’s strategy centers on Tom Lee’s “Alchemy of 5%” target, an effort to build a treasury position equal to a meaningful share of Ethereum’s total supply. The model ties BMNR more closely to ETH price action, staking yield, equity-market access and investor demand for public-company Ethereum exposure.