Tom Lee's BitMine Adds 89,026 ETH (~$198M) Through Four Newly Created Wallets

Onchain monitoring indicates Tom Lee's BitMine Immersion Technologies has expanded its Ethereum holdings, with about $197.6 million in new ETH purchases routed through four freshly created wallets. Lookonchain reported that the wallets received a combined 89,026 ETH from OTC-linked flows involving Kraken and FalconX. The transfers cited were: 25,000 ETH from Kraken (~$55.67 million); three separate 15,000 ETH transfers from FalconX (~$33.3 million each); and 19,026 ETH from Kraken (~$42.28 million). The recipient addresses were set up shortly before the inflows, pointing to planned treasury routing rather than routine exchange activity. The buying fits into BitMine's yearlong effort to build an institutional-style ETH treasury. In an update dated May 11, BitMine said it holds 5,206,790 ETH, plus 201 BTC and about $775 million in cash and other assets. The company said roughly 4.71 million ETH are staked; Lookonchain values that staked position at about $11.1 billion. BitMine also reported annualized staking revenue of $319 million, with a recent 7-day annualized yield of 2.86% from its staking operations. BitMine slowed its pace in the week ending May 11, buying 26,659 ETH (~$63 million), about one-quarter of its recent weekly run rate. Chairman Tom Lee has said the firm is tempering purchases as it nears its long-term target of owning 5% of Ethereum's total supply. Lookonchain also flagged renewed buying from a longtime Ethereum early adopter. The "OG" wallet originally received 11,005 ETH from ShapeShift about a decade ago at an estimated entry price of $3.46 per token. That position was sold just over a year ago for 30.56 million USDC at about $2,777 per ETH, for roughly $30.5 million and an 803x return on cost. With prices weaker, the same wallet has redeployed capital, using 4.26 million USDC to buy 1,951 ETH at about $2,182 per token, and may continue accumulating. The onchain accumulation comes as ether trades off recent levels, having slipped below $2,300, with $2,100 cited as a nearby level in focus. At the time of reporting, ETH was around $2,180. The activity highlights continued institutional and long-term holder interest during price softness, as market participants track how staking revenues and treasury strategies could influence supply dynamics.