FalconX Exchange Facilitates BitMine’s $140M Ethereum Acquisition Amid Market Dip

BitMine, the Ethereum-focused treasury management firm, has capitalized on recent market weakness by acquiring $140 million worth of ETH. The purchase elevates its total holdings to approximately 4 million ETH—a $11.6 billion position at current prices—cementing its status as the largest institutional holder of ethereum globally.

The company, led by Fundstrat co-founder Tom Lee, executed the buy through a FalconX hot wallet transfer of 48,049 ETH, according to blockchain analysts EmberCN and Lookonchain. While BitMine hasn’t publicly confirmed the transaction, its aggressive accumulation strategy is well-documented: 240,711 ETH were added in December alone, bringing its average cost basis to $3,074 per token.

Lee’s bullish outlook underscores the move. 'Best days yet to come,' he remarked in a statement, aligning with BitMine’s ambition to control 5% of Ethereum’s circulating supply. The firm’s consistent buying during Q4’s price decline reflects a calculated bet on ETH’s long-term value.