BitMine Buys 7,660 Ethereum in Private Deal
BitMine Technologies, led by Tom Lee, purchased 7,660 Ethereum (ETH) tokens. The $29.28 million buy came from Galaxy Digital’s over-the-counter (OTC) trading desk. The transaction occurred 24 hours ago, according to Arkham Intelligence data. The purchase was split into two batches of 3,818 and 3,842 ETH. The average price paid was about $3,823 per ETH, near Ethereum’s market price at the time.
BitMine Aims for 5% of Ethereum Supply
This purchase supports BitMine’s plan to hold 5% of Ethereum’s total circulating supply, roughly 120 million tokens. Currently, BitMine holds about 2.8% of all ETH, worth approximately $12.24 billion. This makes it the largest corporate holder of Ethereum globally.
The company began accumulating ETH early in 2025. In October alone, BitMine bought over 200,000 ETH for $800 million. It recently raised $365 million by selling 5.22 million shares at a premium price. BitMine prefers OTC deals to avoid public market volatility.
Traders Remain Cautious on Ethereum Price
Despite heavy institutional buying, smaller traders are more cautious. Prediction market data from Kalshi shows the chance of Ethereum reaching $5,000 by the end of 2025 has fallen from 40% last month to 31% now.
This drop reflects uncertainty over a possible Federal Reserve interest rate cut. After the October FOMC meeting, Fed Chair Jerome Powell said economic conditions do not yet justify another rate cut.
Ethereum is currently trading at $3,879, down 0.27% in 24 hours and 13% for October.
Crypto analyst Ted Pillows noted BitMine’s steady buying, saying, “BitMine bought $29,280,000 in $ETH today. They are consistently buying $200M-$300M in Ethereum each week. We need a few more buyers like that, and ETH reversal could happen.”
