BitMine Buys Another $197 Million In Ethereum As | Crypto News
On-chain data is pointing to another attention-grabbing accumulation transfer by Tom Lee’s BitMine Immersion Technologies, with a whale tracker flagging a $197.64 million Ethereum buy routed through 4 newly created wallets.
The latest Ethereum buy has come during a period of weak spot, which has seen the Ethereum price dropping $2,300, and $2,100 is now in focus.
BitMine Adds 89,026 ETH As Treasury Accumulation Continues
On-chain analytics firm Lookonchain flagged a sequence of transactions suggesting that BitMine, the cryptocurrency mining and treasury firm chaired by outstanding investor Tom Lee, might have quietly acquired an extra 89,026 ETH valued at roughly $197.64 million at current market costs. According to Lookonchain, the funds have been routed through 4 newly created pockets addresses, which obtained the ETH from major exchanges Kraken and FalconX.
Lookonchain famous that the wallets have been created shortly before the transfers. The image shared with the transaction data exhibits a 25,000 ETH switch from Kraken price about $55.67 million, three separate 15,000 ETH transfers from FalconX price about $33.3 million each, and another Kraken switch of about 19,026 ETH price $42.28 million.
BitMine had slowed its ether purchases in the week ending May 11, shopping for 26,659 ETH price roughly $63 million, about a quarter of its current average weekly tempo. Chairman Tom Lee said the firm was moderating its shopping for as it approached its long-term aim of proudly owning 5% of Ethereum’s complete provide.
The company has spent the past 12 months building one of the most attention-grabbing Ethereum treasury methods. In its May 11 update, BitMine said it held 5,206,790 ETH, alongside 201 BTC, $775 million in money, and other holdings.Â
BitMine also revealed that about 4.71 million ETH of its holdings have been staked, price about $11.1 billion. Interestingly, the staking has so far been profitable, with the company also noting its annualized staking revenues have reached $319 million and a 7-day annualized yield of 2.86% from its own staking operations.
An Ethereum OG Buys The Dip
BitMine shouldn’t be the only important participant quietly accumulating. On-chain data tracked by Lookonchain reveals that a long-tenured Ethereum early adopter, recognized as an OG in the neighborhood, has returned to the market amid the current price weak spot.
According to Lookonchain, this pockets obtained 11,005 ETH from ShapeShift a decade in the past at an entry price of just $3.46 per token. Over a 12 months in the past, those holdings have been bought for 30.56 million USDC at $2,777, realizing a revenue of $30.5 million and an 803x return on the unique place.Â
As the market drops, an #EthereumOG who made $30.5M(803x return) is shopping for the dip on $ETH!
10 years in the past, this OG obtained 11,005 $ETH from ShapeShift at just $3.46 each.
Over a 12 months in the past, he bought them for 30.56M $USDC at $2,777, making $30.5M in revenue – an 803x return.
Today,… pic.twitter.com/4N2o9qNpvd
— Lookonchain (@lookonchain) May 16, 2026
Now, with ETH costs declining, the same pockets has re-entered the market, deploying 4.26 million USDC to buy 1,951 ETH at roughly $2,182 per token. Interestingly, Lookonchain famous that the pockets might continue shopping for.
At the time of writing, Ethereum is trading at $2,180.
Featured image from Pexels, chart from TradingView
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