Kraken Facilitates BitMine’s $250M ETH Acquisition as Bullish Sentiment Grows
In a major institutional move that signals strong confidence in Ethereum's future, cryptocurrency investment firm BitMine has executed a massive $250 million Ether purchase through leading exchanges Kraken and Bitgo. This strategic acquisition, completed on October 21, 2025, brings BitMine's total ETH holdings to a staggering 3.3 million coins valued at over $13 billion, representing approximately 2.74% of Ethereum's entire circulating supply. The transaction underscores growing institutional adoption of Ethereum and aligns with BitMine Chairman Tom Lee's bullish prediction of ETH reaching $10,000. Lee emphasizes that Ethereum remains significantly undervalued at current price levels, drawing compelling parallels to June's market conditions when ETH traded around $2,500 with similar open interest metrics. This substantial accumulation through Kraken's institutional trading platform demonstrates the exchange's critical role in facilitating large-scale cryptocurrency acquisitions for major players in the digital asset space. The move comes amid increasing institutional interest in Ethereum's ecosystem development, including its ongoing transition to proof-of-stake and growing decentralized finance applications. Market analysts view this purchase as a strong vote of confidence in Ethereum's long-term value proposition and its position as the leading smart contract platform. The timing of this acquisition suggests BitMine is positioning itself ahead of anticipated market growth, potentially signaling broader institutional movement into the Ethereum market through trusted exchanges like Kraken.
BitMine Expands ETH Holdings by $250M as Tom Lee Predicts $10K Price Target
BitMine has acquired an additional $250 million worth of Ether (ETH), bringing its total holdings to 3.3 million ETH valued at over $13 billion. The purchase, executed via Bitgo and Kraken, represents 2.74% of Ethereum's circulating supply.
Tom Lee, BitMine's chairman, argues Ether is significantly undervalued at current levels. He draws parallels to June's $2,500 price point when open interest matched current levels, suggesting substantial upside potential. Lee maintains his $10,000 year-end price target, citing growing institutional demand and an impending market 'Supercycle'.
The treasury firm's stock rose 7.92% following the disclosure. Market observers note the accumulation coincides with a broader deleveraging event that depressed crypto asset prices across exchanges.
Ripple-Backed Evernorth Project Aims for $1 Billion Institutional XRP Treasury
XRP trades at $2.46 as institutional investors accumulate positions below $2.50, eyeing a breakout toward $2.80. Whale wallets holding 10,000+ XRP hit a record 317,500, marking a 1.8% monthly increase.
The Ripple-supported Evernorth Project plans to raise over $1 billion via a SPAC merger with Armada Acquisition Corp II. Backed by SBI Holdings, Pantera Capital, Kraken, and GSR, the initiative aims to establish the world’s largest institutional XRP treasury. Ripple co-founder Chris Larsen committed 50 million XRP, while CTO David Schwartz joined as a strategic advisor.
Analysts highlight accumulation zones below $2.50 as optimal entries, with stop losses NEAR $1.50. Trading volume stands at $5.26 billion, bolstering XRP’s $144.33 billion market cap.
