Bitmine and F2Pool founder make major Ethereum moves
6.7 Investments Chun Wang and Bitmine have made major ETH moves, with Bitmine now holding 4.47 million ETH and staking 3 million, reflecting strong institutional confidence in Ethereum.
Chun Wang, founder of F2Pool, has reportedly withdrawn $67.5 million in ETH from Binance over the past two weeks. An address likely linked to him now holds $150 million in Ether on Aave. Over the last month and a half, Wang has also deposited about $240 million in stablecoins on Binance, raising speculation about his accumulation strategy as Ethereum trades below $2,000. Meanwhile, Bitmine has significantly increased its Ethereum holdings, acquiring 50,928 ETH last week for $98.53 million. This brings its total to 4,473,587 ETH, valued at approximately $8.66 billion. Of this, 3,040,483 ETH is staked, generating substantial yield for the company. Bitmine's ETH holdings now represent 3.71% of the total supply, moving closer to its goal of controlling 5%. The company's strategy emphasizes long-term accumulation and staking, signaling strong institutional confidence in Ethereum despite ongoing market volatility and price consolidation.
