On-chain data is pointing to another interesting accumulation move by Tom 
Lee&#8217;s BitMine Immersion Technologies, with a whale tracker flagging a $197.64 
million Ethereum purchase routed through four newly created wallets. Related 
Reading: XRP Records Biggest Spike In Network Usage In 2 Months The latest 
Ethereum buy has come during a period of weakness, which has seen the Ethereum 
price losing $2,300, and $2,100 is now in focus. BitMine Adds 89,026 ETH As 
Treasury Accumulation Continues On-chain analytics firm Lookonchain flagged a 
series of transactions suggesting that BitMine, the cryptocurrency mining and 
treasury firm chaired by prominent investor Tom Lee, may have quietly acquired 
an additional 89,026 ETH valued at approximately $197.64 million at current 
market prices. According to Lookonchain, the funds were routed through four 
newly created wallet addresses, which received the ETH from major exchanges 
Kraken and FalconX. Lookonchain noted that the wallets were created shortly 
before the transfers. The image shared with the transaction data shows a 
25,000 ETH transfer from Kraken worth about $55.67 million, three separate 
15,000 ETH transfers from FalconX worth about $33.3 million each, and another 
Kraken transfer of about 19,026 ETH worth $42.28 million. BitMine had slowed 
its ether purchases in the week ending May 11, buying 26,659 ETH worth 
approximately $63 million, about a quarter of its recent average weekly pace. 
Chairman Tom Lee said the firm was moderating its buying as it approached its 
long-term goal of owning 5% of Ethereum&#8217;s total supply. The company has spent 
the past year building one of the most interesting Ethereum treasury 
strategies. In its May 11 update, BitMine said it held 5,206,790 ETH, 
alongside 201 BTC, $775 million in cash, and other holdings. BitMine also 
revealed that about 4.71 million ETH of its holdings were staked, worth about 
$11.1 billion. Interestingly, the staking has so far been profitable, with the 
company also noting its annualized staking revenues have reached $319 million 
and a 7-day annualized yield of 2.86% from its own staking operations. An 
Ethereum OG Buys The Dip BitMine is not the only significant player quietly 
accumulating. On-chain data tracked by Lookonchain reveals that a long-tenured 
Ethereum early adopter, known as an OG in the community, has returned to the 
market amid the recent price weakness. According to Lookonchain, this wallet 
received 11,005 ETH from ShapeShift a decade ago at an entry price of just 
$3.46 per token. Over a year ago, those holdings were sold for 30.56 million 
USDC at $2,777, realizing a profit of $30.5 million and an 803x return on the 
original position. 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 &#8211; an 803x return. Today,… 
pic.twitter.com/4N2o9qNpvd — Lookonchain (@lookonchain) May 16, 2026 Now, with 
ETH prices declining, the same wallet has re-entered the market, deploying 
4.26 million USDC to purchase 1,951 ETH at approximately $2,182 per token. 
Interestingly, Lookonchain noted that the wallet may continue buying. Related 
Reading: Warren Zeroes In On Crypto Deal Structure As $75M Loan Draws 
Attention At the time of writing, Ethereum is trading at $2,180. Featured 
image from Pexels, chart from TradingView

On-chain data is pointing to another interesting accumulation move by Tom Lee&#8217;s BitMine Immersion Technologies, with a whale tracker flagging a $197.64 million Ethereum purchase routed through four newly created wallets. Related Reading: XRP Records Biggest Spike In Network Usage In 2 Months The latest Ethereum buy has come during a period of weakness, which &#8230;

BitMine Buys Another $197 Million In Ethereum As Tom Lee’s 5% ETH Strategy Presses On

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BitMine Buys Another $197 Million In Ethereum As Tom Lee’s 5% ETH Strategy Presses On

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