Data from the chain points to another interesting accumulation movement from Tom Lee’s BitMine Immersion Technologies, with a whale tracker highlighting a $197.64 million Ethereum purchase routed through four newly created wallets.
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The last Ethereum purchase has taken place a period of weakness, causing Ethereum price to lose $2,300, and $2,100 is now in focus.
BitMine adds 89,026 ETH as government bond accumulation continues
On-chain analytics firm Lookonchain flagged a series of transactions indicating that BitMine, the cryptocurrency mining and treasury company led by prominent investor Tom Lee, may have quietly acquired an additional 89,026 ETH worth approximately $197.64 million at current market prices. According to Lookonchainthe 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 transfer of 25,000 ETH from Kraken worth approximately $55.67 million, three separate transfers of 15,000 ETH from FalconX worth approximately $33.3 million each, and another Kraken transfer of approximately 19,026 ETH worth $42.28 million.
BitMine had slowed its ether purchases in the week ending May 11, purchasing 26,659 ETH worth about $63 million, about a quarter of the recent average weekly pace. Chairman Tom Lee said the company moderated his purchases as it neared its long-term goal of owning 5% of Ethereum’s total supply.
The company has developed one of the most interesting Ethereum treasury strategies in the past year. In the May 11 update BitMine said it was holding up 5,206,790 ETH, in addition to 201 BTC, $775 million in cash and other assets.
BitMine also revealed that there are approximately 4.71 million ETH of them assets were deployed, worth approximately $11.1 billion. Interestingly, the staking has been profitable to date, with the company also noting that annual staking revenues have reached $319 million and a seven-day annualized return of 2.86% from its own staking operations.
An Ethereum OG buys the dip
BitMine isn’t the only major player quietly building up. On-chain data maintained by Lookonchain already reveals thatThe long-track Ethereum early adopter, known as an OG in the community, has returned to the market amid 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, these assets were sold for 30.56 million USDC at $2,777, yielding a profit of $30.5 million and an 803x return on the original position.
While the market is falling, an #EthereumOG who earned $30.5 million (803x return) buys the dip $ETH!
10 years ago this OG received 11,005 $ETH from ShapeShift for just $3.46 each.
Over a year ago he sold them for 30.56 million $USDC at $2,777, yielding a profit of $30.5 million – an 803x return.
Today,… pic.twitter.com/4N2o9qNpvd
— Lookonchain (@lookonchain) May 16, 2026
With ETH prices falling, 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 to buy.
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At the time of writing, Ethereum is trading at $2,180.
Featured image from Pexels, chart from TradingView