BitMine Adds $197.6M in ETH, Edges Closer to 5% Supply Treasury Goal

Onchain activity suggests Tom Lee's BitMine Immersion Technologies has resumed heavy Ethereum accumulation, with a whale tracker pointing to a $197.64 million purchase spread across four newly created wallets. The buying comes as ETH trades under pressure, with $2,300 lost and the $2,100 level drawing market attention. Lookonchain reported a cluster of transfers indicating BitMine may have acquired an additional 89,026 ETH, worth about $197.64 million at current prices. The ETH reportedly moved into four fresh wallet addresses funded via major venues, with inflows traced to Kraken and FalconX shortly after the wallets were created. Transaction details highlighted by Lookonchain include a 25,000 ETH transfer from Kraken worth roughly $55.67 million, three separate 15,000 ETH transfers from FalconX worth about $33.3 million each, and another Kraken transfer of around 19,026 ETH valued at approximately $42.28 million. BitMine had slowed its pace in the week ending May 11, purchasing 26,659 ETH for about $63 million, roughly one-quarter of its recent weekly average. Lee previously said the firm was moderating purchases as it nears a long-term objective of owning 5% of Ethereum's total supply. In its May 11 update, BitMine reported holdings of 5,206,790 ETH, along with 201 BTC, $775 million in cash, and other assets. The company said about 4.71 million ETH was staked, valued at roughly $11.1 billion. BitMine added that staking has been profitable so far, citing annualized staking revenue of $319 million and a 7-day annualized yield of 2.86% from its own staking operations. Lookonchain also flagged renewed buying from a long-time Ethereum early adopter. The tracker said the wallet originally received 11,005 ETH from ShapeShift about a decade ago at an entry price of $3.46 per token, later selling the position more than a year ago for 30.56 million USDC at $2,777, booking about $30.5 million in profit for an 803x return. With ETH sliding, the same wallet has returned to the market, spending 4.26 million USDC to buy 1,951 ETH at around $2,182 per token. Lookonchain said the wallet may continue accumulating. At the time of writing, Ethereum is trading at $2,180. Featured image from Pexels, chart from TradingView.