BitMine Buys Another 20,000 ETH From Kraken, Closing In on Its 5% Supply Goal

BitMine Immersion Technologies has acquired an additional 20,000 ETH valued at approximately $48.89 million from a Kraken hot wallet, according to recent on-chain data. The transaction follows a typical test transfer of 0.01 ETH hours earlier and comes shortly after the firm withdrew 13,000 ETH from BitGo earlier in the month, reinforcing its aggressive balance sheet accumulation strategy. Chaired by Fundstrat's Tom Lee, the Nasdaq-listed firm has been steadily building the largest corporate Ethereum treasury. This latest acquisition brings BitMine's estimated total holdings to roughly 5.868 million ETH, representing about 4.86% of the token's total circulating supply. The company is now roughly 167,000 ETH away from achieving its self-stated "Alchemy of 5%" goal, which aims to secure 5% of all circulating Ether. The purchase occurred despite a minor daily pullback where ETH traded near $2,456, falling 1.6% over 24 hours. BitMine has maintained a consistent run-rate accumulation of approximately 32,000 ETH per week across varying market conditions, indicating strong long-term institutional conviction regardless of short-term volatility.