Woofun AI reports that a suspected $35.92 million Ethereum acquisition by Bitmine has emerged, traced to a withdrawal from institutional desk Galaxy Digital and flagged by analytics firm Lookonchain.

The transaction involved 20,500 ETH and occurred approximately six hours ago, manifesting as a direct withdrawal from Galaxy Digital’s infrastructure. This specific movement aligns with the pattern of large-scale capital flows typically associated with Bitmine’s accumulation tactics, despite the lack of immediate public attribution in the initial report.

Structurally, this purchase builds upon a disclosure made last week, where Bitmine revealed holdings of 5.74 million ETH following a prior acquisition of 42,000 ETH. The addition of these 20,500 tokens further cements the firm’s position among the largest known institutional holders of ETH, expanding its reserve base significantly.

Per Woofun AI, the firm’s strategy remains focused on long-term holding and capturing staking rewards, rather than short-term trading. While such actions signal confidence to retail and institutional investors, potentially increasing buying pressure and stabilizing market sentiment, they also introduce risks; concentrated holdings can lead to large sell-offs that threaten price stability if market conditions shift.

The $35.92 million transaction has not been officially confirmed by Bitmine, leaving the final destination of the funds technically unverified. Investors are advised to monitor future disclosures for official confirmation of these holdings and further insight into the firm’s strategic direction.