On-chain data is signaling another notable accumulation move by Tom Lee’s BitMine Immersion Technologies. A whale tracker has flagged a $197.64 million Ethereum purchase that was routed through four newly created wallets.
Related Reading: XRP Records Biggest Spike In Network Usage In 2 Months
This latest Ethereum buy comes during a period of weakness, with the price falling below $2,300 and now threatening the $2,100 level.
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 company chaired by well-known investor Tom Lee—may have quietly added another 89,026 ETH, worth about $197.64 million at current prices.
According to Lookonchain, the funds were moved through four newly created wallet addresses, which received the ETH from major exchanges Kraken and FalconX. The wallets were created shortly before the transfers.
The transaction data shared includes a 25,000 ETH transfer from Kraken worth roughly $55.67 million, three separate 15,000 ETH transfers from FalconX each worth about $33.3 million, and another Kraken transfer of around 19,026 ETH valued at $42.28 million.
BitMine had slowed its Ethereum purchases in the week ending May 11, buying 26,659 ETH worth about $63 million—roughly a quarter of its recent weekly average. Chairman Tom Lee said the company was moderating its buying as it neared its long-term goal of owning 5% of Ethereum’s total supply.
Over the past year, the company has built one of the most interesting Ethereum treasury strategies. In its May 11 update, BitMine reported holding 5,206,790 ETH, along with 201 BTC, $775 million in cash, and other assets.
BitMine also revealed that about 4.71 million ETH of its holdings were staked, worth around $11.1 billion. So far, staking has been profitable. The company noted that its annualized staking revenues have reached $319 million, with a 7-day annualized yield of 2.86% from its own staking operations.
An Ethereum OG Buys the Dip
BitMine isn’t the only major player quietly accumulating. On-chain data tracked by Lookonchain shows that a long-time Ethereum early adopter—known as an OG in the community—has returned to the market during the recent price drop.
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, netting a profit of $30.5 million—an 803x return on the original 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,… pic.twitter.com/4N2o9qNpvd — Lookonchain (@lookonchain) May 16, 2026
Now, with ETH prices falling, the same wallet has re-entered the market, using 4.26 million USDC to buy 1,951 ETH at around $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
Frequently Asked Questions
Here is a list of FAQs about BitMines recent 197 million Ethereum purchase reflecting Tom Lees 5 allocation strategy
General Definition Questions
Q What did BitMine just do
A BitMine bought another 197 million worth of Ethereum adding to their existing crypto holdings
Q Who is Tom Lee and why does his strategy matter
A Tom Lee is a wellknown Wall Street analyst and cofounder of Fundstrat Global Advisors Hes famous for being bullish on Bitcoin and crypto BitMine is following his advice to put 5 of their investment portfolio into Ethereum
Q What does allocating 5 to ETH mean
A It means that for every 100 BitMine invests 5 goes into Ethereum The other 95 goes into other assets like Bitcoin stocks or cash
Q Is this a huge deal for the crypto market
A Yes A 197 million purchase in one go is a large institutional buy It signals confidence in Ethereum and can help drive up the price though its just one piece of a much bigger market
Benefits Strategy Questions
Q Why would a company buy 197 million worth of Ethereum right now
A They believe Ethereum is undervalued and will grow significantly over the long term Its a bet that ETH will outperform other investments they could have made with that money
Q Whats the benefit of only putting 5 into ETH
A Its a way to get exposure to cryptos potential high returns without taking on too much risk If ETH crashes the company only loses 5 of its portfolio If it moons they still make a nice profit
Q Is this better than just buying Bitcoin
A Tom Lees strategy suggests a mix Bitcoin is often seen as digital gold while Ethereum powers smart contracts and apps The 5 ETH allocation is a bet on Ethereums utility and future growth
Common Problems Risks
Q Isnt this risky What if Ethereum crashes