BitMine moved 12,500 ETH off Kraken; holdings near 5% of Ethereum supply
BitMine withdrew 12,500 ETH from Kraken, part of a week in which it added 27,562 ETH and reached 5,983,940 ETH, about 4.9% of Ethereum's supply.
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Why it matters
BitMine's holdings sit close to the 5% goal its chairman Tom Lee calls 'Alchemy of 5%', and the company said about 85% of the ETH is already staked, with annualized rewards near $357 million. Crypto News noted that off-exchange transfers are watched as a custody signal but do not confirm a purchase. The parallel Kraken flows in 1,000 BTC and 491,725 SOL show the exchange handled large transfers on both sides that week.
Where the sources disagree
Date the dormant Bitcoin wallet received its coins
Aug. 5, 2019, when the stash was worth about $53 million
Bitcoin.com News
April 21, 2022, when the labelled wallet got 4,500 BTC in one transfer
Bitcoin.com News
The same report gives two arrival dates for the stash, the original receipt by an older address and the transfer into the address labelled bc1qln.
Figures that do not reconcile
Found by comparing the numbers in the reports automatically. They are differences, not yet confirmed to be about the same thing.
reported value
$83.7 million
Crypto News (CryptoNews.net)
$53 million
Bitcoin.com News
Crypto News (CryptoNews.net) reports $83.7 million, Bitcoin.com News reports $53 million (37% apart).
reported value
$57.38 million
Crypto News (CryptoNews.net)
$53 million
Bitcoin.com News
Crypto News (CryptoNews.net) reports $57.38 million, Bitcoin.com News reports $53 million (8% apart).
Key facts
BitMine moved 12,500 ETH out of the Kraken exchange, tracked by Lookonchain on-chain data.
12,500 ETHReported by Crypto News (CryptoNews.net)
The 12,500 ETH withdrawal from Kraken was valued at about $34.55 million when ETH traded near $2,764.
34,550,000 USDReported by Crypto News (CryptoNews.net)
BitMine added 27,562 ETH in the week ending 21 September, about $74 million at $2,688 per ETH.
27,562 ETHDisputed figureReported by Crypto News (CryptoNews.net)
BitMine's total holdings reached 5,983,940 ETH worth about $16.43 billion, roughly 4.9% of Ethereum's 122.1 million supply.
5,983,940 ETHReported by Crypto News (CryptoNews.net)
As of 20 September BitMine had staked 5,067,309 ETH, about 85% of its holdings and roughly $13.6 billion at $2,688.
5,067,309 ETHReported by Crypto News (CryptoNews.net)
BitMine reported a 7-day annualized staking yield of 2.62% and projected annual staking revenue of about $357 million, rising to about $421 million if all its ETH were staked through its MAVAN platform and partners.
357,000,000 USDReported by Crypto News (CryptoNews.net)
Whale Alert data reported by Crypto News showed 1,000 Bitcoin moving from Kraken to an unknown wallet on 24 September, worth about $83.7 million.
1,000 BTCDisputed figureReported by Crypto News (CryptoNews.net)
A wallet holding 4,500 BTC since Aug. 5, 2019 moved its balance to a new address, with Coinbase and Kraken wallets shedding 2,156 BTC around the same time, according to Whale Alert data cited by Bitcoin.com News.
2,156 BTCDisputed figureReported by Bitcoin.com News
What happened
On-chain data from Lookonchain, reported by Crypto News, showed BitMine move 12,500 ETH out of Kraken in a transfer valued at about $34.55 million when ETH traded near $2,764. A later Crypto News report put the treasury at 5,983,940 ETH worth about $16.43 billion, roughly 4.9% of Ethereum's 122.1 million supply, after 27,562 ETH was added in the week ending 21 September for about $74 million at $2,688 per ETH. The same report said 5,067,309 ETH was staked as of 20 September, about 85% of holdings and roughly $13.6 billion, with a 7-day annualized staking yield of 2.62% and projected annualized rewards near $357 million. Crypto News cautioned that a transfer off an exchange does not by itself confirm a purchase, and the two reports price ETH differently, at $2,764 and $2,688. Other exchange flows that week came from Whale Alert data reported by Crypto News, which showed 1,000 BTC leaving Kraken for an unknown wallet on 24 September and 491,725 SOL moving into Kraken. Bitcoin.com News reported separately that a wallet holding 4,500 BTC since Aug. 5, 2019 emptied its balance to a new address on 25 September, roughly $378 million for a fee of about $1.10, as Coinbase and Kraken wallets shed 2,156 BTC.
How the story developed
- First report
First report by Crypto News (CryptoNews.net)
Ethereum Treasury Company Bitmine Withdrew a Large Amount of ETH from Kraken Exchange During the Recent Rise! Here Are the Details
- Update
Lookonchain data shows BitMine withdrawing 12,500 ETH from Kraken
Crypto News reported the transfer at about $34.55 million with ETH near $2,764, while noting an off-exchange move does not confirm a purchase.
- Update
BitMine holdings reach 5,983,940 ETH after a 27,562 ETH week
Crypto News put the treasury at about $16.43 billion, 4.9% of supply, with 5,067,309 ETH staked as of 20 September.
- Update
Whale Alert reports 1,000 BTC leaving Kraken for an unknown wallet
Crypto News relayed the Whale Alert data, valuing the 24 September transfer at about $83.7 million.
- Update
491,725 SOL moved into Kraken from an unknown wallet
Crypto News reported the Whale Alert data, valuing the transfer at about $57.38 million.
- Official statement
Official statement from Bitcoin.com News
A 2019 Bitcoin Whale Moved $378M and Paid Just $1 to Do It
- Update
Dormant 4,500 BTC wallet empties its balance
Bitcoin.com News reported the coins moved to a new address for roughly $378 million and a fee of about $1.10, with no exchange deposit seen.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 22 Sept 2026, 05:48 UTC: Crypto News (CryptoNews.net) — 1 independent source, 1 reports
- 23 Sept 2026, 01:07 UTC: Crypto News (CryptoNews.net) — 2 independent sources, 2 reports
- 25 Sept 2026, 12:30 UTC: Bitcoin.com News, official — 3 independent sources, 5 reports
Affected entities
Also mentioned: United States
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Bitcoin.com News Company, official | A 2019 Bitcoin Whale Moved $378M and Paid Just $1 to Do It | Independent | |
| Crypto News (CryptoNews.net) Aggregator | Ethereum Treasury Company Bitmine Withdrew a Large Amount of ETH from Kraken Exchange During the Recent Rise! Here Are the Details | Original | |
| Crypto News (CryptoNews.net) Aggregator | BitMine’s Ethereum treasury crosses 5M as Tom Lee predicts ‘a stronger move up’ for ETH | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | Kraken Transfers 1,000 Bitcoin to Unknown Wallet, Raises | Syndicated | |
| Crypto News (CryptoNews.net) Aggregator | Solana Transfers 491,725 Tokens to Kraken Amid Market Buzz | Syndicated |
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