Tom Lee's Bitmine Stakes $508M in ETH, Now Holds Over 4% of Total Supply

Bitmine Immersion Technologies, led by Tom Lee, has staked roughly $508 million worth of Ethereum, extending an aggressive accumulation campaign that has made the firm one of the network's largest institutional holders. On-chain data from Arkham Intelligence shows six sizable transfers over the past day from Bitmine-linked wallets to Coinbase Prime staking addresses. Individual deposits were in the tens of millions of dollars, including transfers estimated at about $73 million, $69 million, $65 million and $52 million. In aggregate, the batch amounted to approximately $508 million in ETH moved into staking. The company's Ethereum position is now reported at more than 4 million ETH valued near $9.3 billion. Arkham said Bitmine has staked over 4 million ETH, representing about 10.5% of the total staked ETH supply. Overall, the firm's holdings exceed 4% of Ethereum's roughly 120 million ETH total supply, adding to market debate over increasing concentration of coins among large investors. Posts on X highlighted concerns that too much supply held by a single entity could deter other investors. Despite estimates of more than $6 billion in unrealized losses, Bitmine has continued increasing exposure. Reports also claim the firm accumulated over 5 million ETH within 10 months as part of a long-term objective to control a meaningful share of supply. Ethereum was trading around $2,304, up about 1.7%, with a market capitalization near $278 billion. In ETF flows, U.S. spot Bitcoin ETFs posted net inflows of $14.76 million on April 30, their first positive session after three straight days of outflows. Spot Ethereum ETFs recorded net outflows of about $23.7 million, extending their outflow streak to four consecutive days.