On-chain sleuthing suggests Tom Lee’s BitMine Immersion Technologies has quietly added to its Ethereum war chest, with a whale tracker flagging roughly $197.6 million in fresh ETH purchases funneled through four newly created wallets. Lookonchain, the on-chain analytics account that flagged the moves, says the transactions show a total of 89,026 ETH was received from major over-the-counter venues Kraken and FalconX. The breakdown shared by Lookonchain: - 25,000 ETH from Kraken (~$55.67 million) - Three separate 15,000 ETH transfers from FalconX (~$33.3 million each) - 19,026 ETH from Kraken (~$42.28 million) The recipient addresses were created shortly before the transfers, suggesting deliberate treasury routing rather than simple exchange activity. BitMine’s broader strategy The accumulation comes as part of a year-long push to build an institutional-style ETH treasury. In its May 11 update, BitMine said it holds 5,206,790 ETH, plus 201 BTC, about $775 million in cash and other assets. Roughly 4.71 million of those ETH are staked — a position Lookonchain values at about $11.1 billion — and the company reports annualized staking revenues of $319 million with a recent 7‑day annualized yield of 2.86% from its staking operations. BitMine did dial back purchases in the week ending May 11, acquiring only 26,659 ETH (~$63 million), roughly a quarter of its recent weekly pace. Chairman Tom Lee has said the firm is moderating buys as it approaches its long-term objective of owning 5% of Ethereum’s total supply. An Ethereum OG buys the dip BitMine isn’t the only on-chain buyer. Lookonchain also tracked activity from a long-time Ethereum early adopter — an “OG” wallet that originally received 11,005 ETH from ShapeShift about a decade ago at an 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, netting roughly $30.5 million and an 803x return on the original cost basis. With prices softer, the same wallet has now redeployed capital: Lookonchain reports it used 4.26 million USDC to buy 1,951 ETH at about $2,182 per token, and the wallet may continue buying. Context: price and market sentiment The buy signals arrive amid a pullback in ether, which has recently slipped below $2,300, with $2,100 cited as a nearby level of focus. At the time of reporting, Ethereum was trading around $2,180. Taken together, the activity underscores continued institutional and long-term-holder interest in ETH even during price weakness — a trend market-watchers will be watching as staking revenue and treasury accumulation strategies shape supply dynamics.
BitMine Quietly Buys 89,026 ETH (~$198M) via Four New Wallets
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Summary
BitMine quietly added 89,026 ETH (~$198M) via four new wallets, per Lookonchain. The ETH came from Kraken and FalconX, with addresses created just before transfers. BitMine now holds 5.2 million ETH and 201 BTC, with 4.71 million ETH staked, worth ~$11.1B. ETH price has dipped below $2,300, with $2,100 seen as a key level. An OG wallet also bought 1,951 ETH at ~$2,182. ETH analysis shows BitMine slowing purchases as it nears 5% of Ethereum’s supply.
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