A wallet tied to Bitmine Immersion Technologies took in 13,000 ether, worth about $24.36 million, from BitGo’s custody infrastructure within a few hours on Tuesday. The inflow landed about a day after the company told investors its weekly ether buying had slowed to its smallest pace in recent weeks.
The ether arrived in two separate transfers. One moved 8,000 ETH, worth roughly $14.99 million. The other moved 5,000 ETH, worth about $9.37 million. Both originated from a wallet labeled as a BitGo hot wallet, the same custodian Bitmine has used to route its ether purchases before. The receiving address, 0x95dE268E950E582A239E350A800C050882612c44, is the same one that took in a 7,500 ETH transfer from BitGo in late July, the transaction that first tied this specific wallet to Bitmine’s treasury.
Ether was changing hands at $1,874.85 at 04:55 UTC, down 2.14% over the prior 24 hours, around the time the transfers were tracked. That spot price lines up with both transfers almost exactly: $14.99 million for 8,000 ETH works out to roughly $1,873.75 a token, and $9.37 million for 5,000 ETH works out to about $1,874, each within a dollar of the broader market print. Ether’s market capitalization stood at $226.26 billion at the time, on 24-hour trading volume of $7.97 billion, up 39.54% from the day before, against a circulating supply of 120.68 million ETH.
Neither Bitmine nor BitGo had addressed Tuesday’s transfer publicly as of this writing. Whether the ether represents a fresh purchase, a staking-related shuffle between custody wallets, or something else, the company has not said.
A Day After Calling Its Own Buying the Slowest in Weeks
On Monday, Bitmine disclosed that its ether holdings had reached 5,805,238 tokens, worth roughly $11.6 billion including cash and other holdings. The company said it bought 7,391 ETH, about $14.2 million, in the week leading up to that disclosure.
Tom Lee, the Fundstrat co-founder who chairs Bitmine, tied the pullback in ether buying to the broader macro picture rather than to any change in strategy. “We expect easing financial conditions to be a tailwind for crypto,” pointing to fading odds of a Federal Reserve rate hike in September, which had slipped from 75% to 40%.
At the same time, Bitmine leaned harder into stock buybacks, repurchasing 3 million of its own shares for an estimated $50 million to $58 million that week, on top of 19.1 million shares bought back since July 1 under a $4 billion authorization.
Thirteen thousand ether moving into the company’s wallet in a single stretch of hours already exceeds the entire week of buying Bitmine just finished. If the company’s next weekly disclosure shows accumulation picking back up rather than continuing to taper, this transfer will look less like a one-off and more like a resumption of the pace the company just said was fading.
August BitMine ETH Activity
Bitmine’s August ETH activity has included several large treasury movements and weekly purchases.
- Aug. 3: BitMine added 10,399 ETH, expanding its crypto treasury to $11.3 billion.
- Aug. 4: BitMine’s staked ETH ratio jumped to 87.4% after a fresh 150,000 ETH deposit.
- Aug. 10: BitMine added 7,391 ETH, pushing its holdings to 5.81 million ETH and total assets to $11.6 billion.
- Aug. 11: A wallet tied to Bitmine received 13,000 ETH from BitGo’s custody infrastructure in two transfers worth about $24.36 million combined.
A Treasury Built to Rival Strategy
Bitmine’s ether stack now sits at roughly 4.8% of the entire circulating supply of ETH, on its way to a target the company calls owning 5% of the asset outright. Of the 5.8 million ether it holds, roughly 5.07 million is staked, which the company projects will generate about $257 million a year at current yields.
The company was a small bitcoin immersion-cooling miner until mid-2025, when Lee took over as chairman and pivoted it into an ether-focused answer to Strategy’s bitcoin treasury model, backed initially by a $250 million raise. The stock has traded on that pivot ever since. Tuesday’s transfer, whatever it turns out to be, adds another data point to a position that keeps growing regardless of which message the company is emphasizing in a given week.
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