Bitmine Accused of $35.9M Ethereum Purchase via Galaxy Digital

Bitmine, known for its significant accumulation of Ethereum (ETH), has been accused of purchasing an additional 20,500 ETH worth approximately $35.92 million. The transaction was reported by blockchain analytics platform Lookonchain and occurred roughly six hours ago. It appears as a withdrawal from the institutional trading desk Galaxy Digital.

The suspected purchase follows Bitmine's disclosure last week that it held 5.74 million ETH after acquiring 42,000 ETH in a previous deal. The latest addition would further solidify Bitmine's position as one of the largest known institutional holders of Ethereum. However, Lookonchain did not specify the exact source wallet or final destination of the funds.

Bitmine's continued accumulation of ETH comes at a time when institutional interest in cryptocurrency remains robust, despite market volatility. The firm's strategy appears focused on long-term holding, as it has not publicly indicated plans to sell. This behavior mirrors that of other large-scale investors who view Ethereum's network utility and potential for staking rewards as a compelling asset class.