20,000 Ethereum Leaves Kraken: Who Received the $49 Million Transfer?

Lookonchain reported that BitMine, which is associated with Tom Lee, has acquired another 20,000 Ethereum (ETH), with the transaction valued at approximately $48.89 million.

BitMine added a new transaction to its series of purchases aimed at growing its institutional Ethereum treasury. In a post dated August 26, it was stated that the purchase took place via Kraken.

On-chain records on Arkham show that 20,000 ETH was recently sent from a wallet labeled as Kraken’s “Hot Wallet (0xf30)” to an address. The value of the transaction is listed as $48.89 million in the record. The link between the transfer and BitMine’s purchase is based on Lookonchain’s address matching.

BitMine’s New 20,000 ETH Purchase

The use of the phrase “once again” in the post indicates that the transaction is presented as a continuation of BitMine’s previous ETH purchases. The post reports that the ETH purchase of approximately $49 million occurred in a single transaction.

The 20,000 ETH purchase represents a notable size in terms of BitMine’s crypto asset accumulation. Rather than an ordinary transfer from an exchange to a wallet, the transaction was reported by Lookonchain as a new purchase by BitMine.

Arkham records also show that 0.01 ETH was sent to the same destination address approximately seven hours earlier. This small movement, seen about seven hours before the main transfer, points to the address’s previous transaction activity.