Tom Lee's BitMine adds another $88 million worth of ETH to growing treasury

BitMine, the Ethereum treasury firm led by Fundstrat co-founder Tom Lee, reportedly added $88 million worth of ETH to its holdings on Monday. 

Citing data from Arkham, onchain analyst Lookonchain reported that BitMine acquired 29,462 ETH from BitGo and Kraken. These transactions, however, have not been officially confirmed by BitMine. 

BitMine officially disclosed on Monday that the NYSE-listed company bought 98,852 ETH last week. It currently holds 4,066,062 ETH, purchased at an average price of $2,991 per ether, which translates to a treasury value of around $12 billion at current prices.

Doubling down on its aggressive acquisition strategy, the world's top corporate Ethereum holder has spent the year stacking ETH to cement its market position. The firm's persistent buying spree is based on its mission to capture 5% of the circulating supply and firm conviction that Ethereum will reshape global finance.

"We are making rapid progress towards the 'alchemy of 5%' and we are already seeing the synergies borne from our substantial ETH holdings," BitMine Chairman Lee said in the Monday disclosure. "We are a key entity bridging Wall Street's move onto the blockchain via tokenization. And we have been heavily engaged with the key entities driving cutting edge development in the DeFi community."

BitMine's stock BMNR closed down 0.86% on Monday to $31.09. The price of Ethereum also fell 2.48% in the past 24 hours, currently trading at $2,951.