Data from the Ethereum blockchain shows that BitMine Immersion Technologies, founded by Tom Lee, appears to be buying a large amount of Ethereum – around $197.64 million worth. The purchase was made using four new digital wallets, according to a tracker that monitors large cryptocurrency transactions.
Ethereum’s recent price increase happened while the market was generally down, following losses of $2,300. Now, traders are watching to see if the price will fall to $2,100.
BitMine Adds 89,026 ETH As Treasury Accumulation Continues
Lookonchain, a company that analyzes blockchain data, has noticed a series of transactions that suggest BitMine, a crypto mining firm led by investor Tom Lee, may have recently purchased an extra 89,026 ETH worth around $197.64 million. Lookonchain reports the funds went through four new digital wallets and originated from the cryptocurrency exchanges Kraken and FalconX.
According to Lookonchain, the wallets used for these transactions were recently created. Data shows a transfer of 25,000 ETH (around $55.67 million) from Kraken, three separate transfers of 15,000 ETH each (worth approximately $33.3 million each) from FalconX, and another transfer of about 19,026 ETH (valued at $42.28 million) also from Kraken.
BitMine reduced its purchases of ether during the week of May 11th, acquiring $63 million worth – about 26,659 ETH. This represents a significant decrease from their usual weekly buying volume, roughly a quarter of their recent average. According to Chairman Tom Lee, the slowdown is because BitMine is nearing its target of holding 5% of all Ethereum in circulation.
Over the past year, BitMine has developed a noteworthy approach to managing its Ethereum holdings. As of May 11th, the company reported a treasury including 5,206,790 ETH, 201 Bitcoin, $775 million in cash, and other assets.
BitMine announced that it has staked approximately 4.71 million ETH, currently valued at around $11.1 billion. This staking activity has been successful so far, generating $319 million in annual revenue and a 2.86% annualized yield over the past week.
An Ethereum OG Buys The Dip
BitMine isn’t the only one steadily building up its holdings. Lookonchain’s data shows a veteran Ethereum user – a well-respected figure in the crypto community – is buying again following the recent drop in price.
Data from Lookonchain shows a wallet received 11,005 ETH from ShapeShift ten years ago when each token cost only $3.46. Over a year ago, the owner sold those holdings for $30.56 million in USDC, which was equivalent to $2,777 per ETH. This resulted in a $30.5 million profit – an 803 times return on the initial investment.
As the market drops, an #EthereumOG who made $30.5M(803x return) is buying the dip on $ETH!
10 years ago, this OG received 11,005 $ETH from ShapeShift at just $3.46 each.
Over a year ago, he sold them for 30.56M $USDC at $2,777, making $30.5M in profit – an 803x return.
Today,…
— Lookonchain (@lookonchain) May 16, 2026
With the price of Ethereum (ETH) going down, the same digital wallet has started buying again, using 4.26 million USDC to purchase 1,951 ETH at around $2,182 each. Experts at Lookonchain suggest this wallet might continue to buy more ETH.
At the time of writing, Ethereum is trading at $2,180.
Read More
- Off Campus Season 1 Soundtrack Guide
- Euphoria Season 3’s New R-Rated Sydney Sweeney Scene Proves The Show Is Trolling Us
- Gold Rate Forecast
- How to Get to the Undercoast in Esoteric Ebb
- Brent Oil Forecast
- Olympian Says Heated Rivalry Tugged At His Heartstrings
- Why is there no Jujutsu Kaisen this week? Missing Season 3 Episode 8 explained
- Jailbreak codes (April 2026)
- What is Omoggle? The AI face-rating platform taking over Twitch
- Popeye Slasher Horror Film Officially Kicks Off Production on ‘Bigger & Bloodier’ Sequel
2026-05-17 23:12