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

On-chain data is pointing to another interesting accumulation move by Tom Lee’s BitMine Immersion Technologies, with a whale tracker flagging a $197.64 million Ethereum purchase routed through four newly created wallets.

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’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.