New Wallet Linked to Bitmine Receives $139M in ETH from BitGo and Kraken

New Wallet Linked to Bitmine Receives $139M in ETH from BitGo and Kraken

Bitmine’s Ethereum holdings reach 3.63 million ETH worth $10.19 billion after a $202 million weekly purchase, equal to 3% of supply despite a $4.28 billion unrealized loss.

ETH

Fact Check
The assessment is "likely_true" with high confidence based on strong, corroborating evidence from multiple sources. The core components of the statement are well-supported:1. **Entities Involved**: One source directly states that BitMine has been accumulating Ethereum from both Kraken and BitGo, confirming the relationship between all three parties named in the claim. 2. **Specific Transaction Evidence**: A highly relevant source from an on-chain analyst (Lookonchain) provides direct evidence of a large Ethereum transfer from Kraken to a wallet believed to be linked to Bitmine. This source confirms a transaction of 21,054 ETH, valued at approximately $66.57 million, which substantiates a significant portion of the claimed amount and one of the sources.3. **Magnitude of Transaction**: Another credible crypto-industry publication (CoinDesk) reports that BitMine acquired $173 million in Ether. While this dollar amount differs from the $139 million in the statement, it independently confirms that BitMine was involved in an ETH acquisition of a similar, nine-figure magnitude. The discrepancy in value is common in crypto reporting due to price volatility and different reporting periods.While no single source confirms the exact figure of $139 million from both entities in one transaction, the evidence strongly supports the claim's fundamental assertions. The combination of a news report identifying both sources (Kraken and BitGo) and on-chain data confirming a large transfer from at least one of them (Kraken) makes the overall statement highly probable. There is no conflicting evidence among the relevant sources.
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Summary

Bitmine added 69,822 ETH worth $202 million last week, boosting its total holdings to 3.63 million ETH valued at $10.19 billion, representing 3% of the total Ethereum supply. With an average purchase price of $3,988 per ETH, the company currently faces an unrealized loss of $4.28 billion, equating to a 29.6% drawdown. These acquisitions follow past purchases from BitGo, Kraken, and FalconX, reinforcing Bitmine’s position as a major institutional holder in the Ethereum market.

Terms & Concepts
  • ETH (Ethereum): The native cryptocurrency of the Ethereum blockchain, used for transactions, smart contracts, and decentralized applications.
  • BitGo: A digital asset custody and security company providing institutional-grade cryptocurrency storage solutions.
  • Wallet Address: A unique identifier on a blockchain used to store and transfer cryptocurrency.