Kraken Facilitates Major Ethereum Accumulation as Bitmine Nears 5% Supply Milestone

In a landmark development for institutional cryptocurrency adoption, Bitmine Immersion Technologies has executed a massive $128 million Ethereum acquisition, significantly advancing toward its ambitious goal of controlling 5% of ETH's circulating supply. According to blockchain analytics firm Lookonchain, a substantial portion of this purchase—specifically 29,462 ETH valued at approximately $88 million—was strategically sourced through the prominent cryptocurrency exchange and custodian, Kraken, in partnership with BitGo. This transaction, completed at an average price of $2,991 per ETH, represents the firm's second major accumulation in December 2025, following an earlier $40 million buy. The latest spree has boosted Bitmine's total holdings to over 4 million ETH, cementing its position as a mega-whale with 3.39% of the entire circulating supply. This aggressive accumulation strategy highlights a growing trend of large-scale institutional players using established platforms like Kraken for executing high-volume, market-moving trades. The move not only underscores deepening institutional confidence in Ethereum's long-term value proposition but also demonstrates the critical role of major exchanges in facilitating liquidity and custody for billion-dollar treasury strategies. As Bitmine closes in on its 5% supply target, its actions are poised to have a profound impact on market dynamics, supply liquidity, and the broader narrative around institutional control and custody within the decentralized finance ecosystem.

Bitmine Amasses 4M ETH in $128M Buying Spree, Nears 5% Supply Goal

Bitmine Immersion Technologies now holds 3.39% of Ethereum's circulating supply after acquiring 98,852 ETH last week at an average price of $2,991. The $128 million purchase marks the firm's second major accumulation this month, following a $40 million buy that initially pushed its holdings past 4 million ETH.

Lookonchain data reveals Bitmine sourced 29,462 ETH ($88M) through Kraken and BitGo custodians. The treasury now controls 4.095 million ETH—enough to influence staking dynamics when its dedicated network launches in early 2026.

The buying spree reflects institutional confidence in Ethereum's post-Merge economics. Bitmine has executed 67% of its stated goal to control 5% of ETH's total supply, a threshold that WOULD make it the largest single holder outside of exchanges and decentralized protocols.

Kraken Tokenization Expands Beyond Fiat, Revolutionizing Asset Movement

Tokenization is rapidly reshaping global finance, moving beyond traditional fiat currencies to encompass a broader range of assets. Kraken has emerged as a key player in this transformation, with its tokenized stocks surpassing $14 billion in trading volume. The exchange's infrastructure now enables near-instant settlement of equity transactions and seamless asset transfers across platforms.

Mark Greenberg, Kraken's head of consumer, frames this evolution as a fundamental redefinition of money itself. "From Bitcoin to Tesla stock, blockchain technology is turning all liquid assets into programmable money," he observes. The $415 billion tokenized real-world asset market underscores this paradigm shift.

Kraken's strategic pivot positions it as a financial app store rather than a conventional exchange. This modular approach contrasts with competitors building monolithic platforms, offering tailored solutions for different user segments. The infrastructure now supports everything from traditional securities to alternative assets with equal efficiency.