A Bitmine-linked address withdrew about 12,500 ETH from Kraken, valued at approximately $34.55 million when the transfer occurred, according to on-chain data shared by Lookonchain. The transaction implies an ETH price of about $2,764. Bitmine, led by chairman Tom Lee, has made Ethereum accumulation a major part of its digital-asset treasury strategy. The same address withdrew 20,000 ETH worth $48.89 million from Kraken three weeks earlier. While moving assets off an exchange can be consistent with an intention to hold them rather than sell, the transfer alone does not establish that Bitmine made a new purchase or indicate its future investment plans. Earlier reporting valued the latest withdrawal at $34.56 million.