Tom Lee’s BitMine Appears to Buy Another 13,000 ETH Worth $24.4M

BitMine was linked to two on-chain transfers totaling 13,000 ETH from BitGo, according to blockchain analytics platform Lookonchain, indicating a potential purchase valued at about $24.36 million.

The transactions occurred roughly two hours before Lookonchain reported them. Blockchain data confirms the movement of the assets, while Lookonchain characterized the transfers as a BitMine acquisition.

Separately, BitMine reported holding 5,805,238 ETH after adding 7,391 ETH during the latest week. The company said that position represents about 4.8% of Ether’s supply.

Of its cryptocurrency holdings, 5,067,309 ETH has been committed to staking. That amounts to about 87% of the company’s ETH position and is projected to generate roughly $257 million in annualized staking revenue. 

On the equity side, BitMine bought back 3 million of its own shares during the week. Its cumulative repurchases since July stand at 19.1 million shares.

Source: Lookonchain