Details of the Institutional Purchase

BitMine completed the ETH purchase through FalconX on November 23, 2025. This transaction reinforces the company’s strategic position in the crypto market. Meanwhile, Ethereum’s recent price movements and liquidity conditions make larger institutional purchases more attractive. BitMine’s recent transfer to its new wallet also indicates that these acquisitions were not limited to just the last 8 hours. Notably, a small test transfer of 0.00362 ETH was made to the same address one day prior.

• Total ETH purchased: 21,537

• Value: $59.17 million

• Transaction date: November 23, 2025

• Platform: FalconX

Transaction Details:

• 8 hours ago: Hot Wallet (0x115) → BitMine-linked Wallet (0x5664…) | 21,537 ETH | $59.17M

• 1 day ago: Hot Wallet (0x115) → BitMine-linked Wallet (0x5664…) | 0.00362 ETH | $10

Meanwhile, BitMine’s ETH acquisition was positively received by the market, sending a strong confidence signal to other institutional investors. Moreover, Ethereum’s price has risen 12% over the past three months, increasing investor interest further.

Market and Investor Perspective

Institutional investors play an increasingly important role in the crypto market. BitMine’s move could trigger similar actions from other firms purchasing large amounts of Ethereum. Additionally, this acquisition improves the company’s portfolio diversification while enhancing long-term profit potential.

Experts emphasize that institutional purchases in major crypto assets like Bitcoin and Ethereum are critical for price stability and market confidence. Furthermore, these transactions contribute to the maturation of the crypto market and serve as a positive indicator for blockchain regulation.

BitMine’s Strategic Outlook

BitMine aims to continue strengthening its digital asset portfolio in the future. This strategy allows the company to maintain a strategic position in major cryptocurrencies like Ethereum. Moreover, investors and analysts closely monitor BitMine’s actions to assess the market impact of such large-scale acquisitions.

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Nearly $1 Billion in Ethereum in Just One Week

On-chain data reveals that in the past 24 hours alone, this “mystery buyer” acquired around $212 million worth of ETH. The holdings are spread across six separate wallets, with balances ranging from $128 million to $181 million each. The purchases were facilitated through Galaxy Digital, FalconX, and BitGo.

Ethereum’s Market Cap Surpasses Mastercard

The strong rally in ETH’s price pushed its market capitalization to $523 billion, surpassing payment giant Mastercard’s $519 billion valuation. Over the past seven days, ETH climbed past the $4,000 threshold, reaching $4,332 at its peak.

Public companies have also been increasing their exposure to Ethereum. In the last week alone, they added more than 304,000 ETH to their treasuries. BitMine Immersion Technologies led the way, buying over 208,000 ETH (worth more than $900 million), followed by SharpLink Gaming with a $303 million ETH purchase.

Analysts Eye the $20,000 Target

Many technical analysts are bullish, predicting that ETH could reach the $20,000 mark in the coming months. Some even suggest the price might exceed that level if current momentum continues.

However, Ethereum co-founder Vitalik Buterin has urged caution. While he supports companies holding ETH in their reserves, he warned against turning it into an “overleveraged game” that could harm the market in the long run.

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A Strategic Entry into the Sui Ecosystem

As part of this investment round, Mill City Ventures acquired 83,025,830 shares of common stock (or equivalents) at a price of $5.42 per share. The total gross proceeds amount to approximately $450 million, excluding placement agent fees and other associated offering costs.

The investment was led by Karatage Opportunities, a London-based hedge fund focused on digital assets and emerging technologies, alongside the Sui Foundation, an independent entity dedicated to advancing the Sui network. Both organizations have played key roles as early backers of the Sui ecosystem.

Major Industry Players Join the Round

The round also attracted participation from notable firms such as Galaxy Digital (Nasdaq: GLXY), Pantera Capital, Electric Capital, GSR, FalconX, and Paper Ventures — all recognized names in the digital asset industry. Galaxy Asset Management will act as the designated asset manager for this initiative.

Treasury Strategy Focused on SUI

Approximately 98% of the net proceeds from the investment will be used to acquire SUI tokens, the native cryptocurrency of the Sui blockchain. The remaining 2% will support Mill City Ventures’s short-term lending operations. With this move, SUI becomes the company’s primary treasury reserve asset.

Sui’s Vision: Scalability, Speed, and Security

Stephen Mackintosh, a partner at Karatage, highlighted the intersection of blockchain infrastructure and AI as a space full of opportunity. He emphasized that Sui’s secure and scalable architecture makes it an ideal platform for institutional-level crypto integration and AI-based applications.

Christian Thompson from the Sui Foundation added that the network is specifically built to support real-world crypto use cases — from stablecoins and gaming to decentralized finance and AI — offering both speed and reliability.

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FalconX Makes First Trade Based on USTB as Collateral

From public distributed ledgers, USTB is a digital asset that represents short-term obligations of the U. S. Treasury such as bills. One of the significant milestones in FalconX’s ongoing research on tokenized real-world assets is thus the adoption of USTB as collateral. This action aligns with the company’s prior trade collateral approval of BUIDL, an Ethereum-native token backed by U.S. Treasury bills.

Tokenized T-Bills: Benefits Over Stablecoins

Acceptance of USTB comes as U.S. T-bills are yielding rates over 5% after rate increases by the Federal Reserve meant to lower inflation. Some risk-averse traders are therefore looking to T-bill-backed digital assets rather than stablecoins, which might see price volatility if they depeg from underlying fixed assets. Tokenized T-bills provide a more consistent and predictable return, making them appealing to investors looking for low-risk prospects.

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Growing Tokenized Real-World Asset Market

Investors are beginning to show favor for on-chain forms of government bonds and other real-world assets. According to data from digital asset company 21.co, the market value of tokenized government securities under administration has almost quadrupled in the last year, reaching around $1.54 billion at the time of writing.

This emerges as a trend where investors are exploring tokenized real-world assets due to their security of traditional financial assets and profitability while being based on blockchain technology. Thus, FalconX tries to take a leading position in front of the future industry that tends to establish the connection between traditional banking and innovative digital solutions being aware of the most important and effective factors.

The next featured use, FalconX, is most likely to attract more investors seeking secure and sustainable crypto investments as it progresses through the tokenized real-world assets testing phase. USTB has shown a good example of how Digital finance has evolved and how the new block-chain technology is coming closer to the more conventional financial instruments.

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The newly formed FX team, sourced from crypto banking firm BCB Group, will be headed by Ben Sebley and operate out of London. The team also includes Richard Usher as the head of FX trading and Lux Thiagarajah as the head of commercial FX, bringing the total team size to five members.

FalconX, renowned as the world’s largest digital asset prime broker, offers a range of services including trading, financing, and custody for institutions, covering over four hundred crypto tokens. The new FX desk aims to establish new fiat gateways and improve fund transfers across traditional currency pairs, offering same-day settlement options.

Austin Reid, global head of revenue and business, highlighted the strategic importance of this new desk. “FalconX’s FX desk will significantly contribute to the evolving capital markets, merging crypto and fiat seamlessly and setting a new standard for efficiency and integration,” Reid said in a press release. He added that institutional investors, from hedge funds to market makers, will benefit from enhanced FX liquidity, which will strengthen the digital asset market structure.

Recently, FalconX introduced Prime Connect, a service allowing institutions to trade on exchanges while keeping their funds in regulated, bankruptcy-remote custody. This service also includes post-trade settlement, institutional-grade credit, and portfolio margining, further solidifying FalconX’s position in the market.

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The most notable transfer was the 443,961 ETH transfer to Celsius’s own network-controlled wallet, which was worth $984 million at the time of the transfer. Blockchain intelligence firm Arkham said that this large amount of ETH was moved to Coinbase and Paxos wallets in 13 transactions within an hour. According to Spotonchain, most of the 297,454 ETH sent to Coinbase was likely distributed to 12 new wallets as part of an OTC deal.

443,961 #ETH (982,202,866 USD) transferred from #Celsius to unknown wallethttps://t.co/39EY8uFFqa

— Whale Alert (@whale_alert) January 25, 2024

Just two days earlier, The company had similarly transferred 575,081 ETH using the addresses Celsius Network: Staked ETH and Celsius Network: Eth2 Depositor. Celsius Network has transferred a total of 757,626 ETH to FalconX, Coinbase, OKX, and Paxos since November 13, 2023. However, Celsius currently holds 62,469 ETH, which is worth $138.8 million at current prices.

The reason for these recent Ether transactions is not entirely clear, but according to Celsius’ updated asset distribution FAQ on January 12, a limited number of institutional accounts will be able to receive crypto through Coinbase. Creditors’ payments will be made through PayPal for US residents and through Coinbase for non-US residents.

The Celsius NewCo Community

The Celsius NewCo Community, a community group, stated that the distribution of liquid crypto will begin in mid-February and will continue for a year. Additionally, a Celsius user shared that they were able to officially withdraw all of their ETH from Celsius, but their funds were in the custody account, not the Earn account.

Celsius is aiming for an Effective Date of January 31st.

We expect the distribution of liquid crypto to Earn Creditors to start in mid-February.

The distribution window will be open for one year. pic.twitter.com/TznON0ddBV

— Ionic Digital Community (ex-Celsius) (@IonicDigitalX) January 25, 2024

Celsius had stated that it was moving its assets to “provide broad liquidity” and is currently planning to unstake its existing Ether assets to make timely payments to creditors. The company, through its bankruptcy administrators, has said that account holders who made withdrawals of over $100,000 before the date of the bankruptcy filing on July 13, 2022, may be eligible for repayment of that amount by January 31, 2024.

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According to data from Arkham Intelligence, between January 8 and 12, Celsius transferred $95.5 million to Coinbase and $29.7 million to FalconX.

However, Celsius still holds more than 550,000 ETH on its books; this number was worth a staggering $1.36 billion at the time of publication.

On January 5, Celsius moved to redeem 206,300 ETH worth $407 million at the time; the lender claimed that the newly released Ether would be used to pay for costs incurred during the restructuring process and to prepare for repayments to creditors.

Celsius has announced that it will distribute Bitcoin and ETH to creditors in its rescue plan, but a specific date on when creditors will begin receiving funds has not yet been announced.

Celsius creditors have been waiting for more than 18 months to receive funds that remained on the platform since the company first filed for bankruptcy in July 2022.

FTX and Alameda Transfer Funds to Exchanges (Celsius)

Celsius was not the only beleaguered firm to move cryptocurrency assets to exchanges recently.

According to data from blockchain analytics platform SpotOnChain, bankrupt cryptocurrency exchange FTX and its defunct trading arm Alameda Research made their own move by transferring $28 million worth of crypto to exchanges on January 14.

The transfers to the Coinbase and Binance exchanges included $18.7 million worth of Wrapped Bitcoin, $8 million worth of Ether, and $1 million worth of Pendle (PENDLE).

After FTX and Alameda Research filed for bankruptcy in November of last year, FTX has been working to raise funds for creditor repayments. FTX executives have successfully recovered approximately $7 billion in assets, including a significant amount of cryptocurrency worth $3.4 billion.

The market has warmed to FTX creditors’ demands; some of them have risen as high as $0.50 per dollar in October of last year, suggesting that creditors have a chance to become whole. While it is unclear when FTX will make repayments to its customers, current plans call for repayments to begin this year.

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