BitMine Moves 89,026 ETH (~$197.6M) Into Four Newly Created Wallets

Blockchain trackers report that BitMine Immersion Technologies, chaired by investor Tom Lee, has quietly expanded its Ether position, funneling roughly $197.6 million worth of ETH into four newly created wallets. Lookonchain flagged transfers totaling about 89,026 ETH (around $197.64M at current prices) that were withdrawn from Kraken and FalconX and then routed to four fresh addresses. The on-chain breakdown shows: 25,000 ETH from Kraken (~$55.7M), three separate transfers of 15,000 ETH each from FalconX (~$33.3M apiece), and another 19,026 ETH from Kraken (~$42.3M). The wallets were created shortly before the transfers, pointing to a coordinated accumulation. The activity adds to BitMine's broader Ethereum treasury strategy. In a May 11 update, the company reported holdings of 5,206,790 ETH, 201 BTC, and about $775 million in cash and other assets. It said roughly 4.71 million ETH are staked (reported value about $11.1 billion). BitMine also cited staking performance of $319 million in annualized staking revenues and a 7-day annualized yield of about 2.86% from its in-house staking operations. BitMine slowed purchases in the week ending May 11, adding 26,659 ETH (~$63M), about one-quarter of its recent weekly pace. Tom Lee has said the firm's long-term target is to own 5% of Ethereum's total supply. Lookonchain also highlighted an Ethereum "OG" wallet stepping back in during the recent pullback. The wallet originally received 11,005 ETH from ShapeShift roughly ten years ago at about $3.46 per token. More than a year ago, it sold those ETH for 30.56M USDC at around $2,777 per ETH, reportedly locking in about $30.5M in profit (roughly an 803x return on the initial cost). With ETH lower, the wallet has deployed 4.26M USDC to buy 1,951 ETH at about $2,182 per token, and on-chain activity suggests additional buying may follow. Ethereum was trading near $2,180 at the time of reporting, positioning the moves as large-holder buying on weakness. Sources: Lookonchain; BitMine public update; exchange withdrawal data. Featured image via Pexels; chart via TradingView.