On-chain data points to another interesting accretive movement By Tom Lee BitMine Immersion Technologies, with a whale tracker indicating a $197.64 million purchase of Ethereum was routed through four newly created wallets.
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The last purchase of Ethereum was made during period of weakness, Which saw the price of Ethereum lose $2,300, and the focus is now on $2,100.
BitMine adds 89,026 ETH as treasury continues to accumulate
On-chain analytics firm Lookonchain has reported a series of transactions suggesting that BitMine, the cryptocurrency mining and treasury company headed by prominent investor Tom Lee, may have quietly acquired an additional 89,026 ETH worth about $197.64 million at current market prices. According to LeConchineThe funds were routed through four newly created wallet addresses, which received 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 about US$55.67 million, three separate transfers of 15,000 ETH from FalconX worth about US$33.3 million each, and another transfer from Kraken of about 19,026 ETH worth about US$42.28 million.
BitMine slowed its Ethereum purchases in the week ending May 11, purchasing 26,659 Ethereum worth approximately $63 million, about a quarter of its recent average weekly pace. Company President Tom Lee said He was moderate in purchasing As it approaches its long-term goal of owning 5% of the total supply of Ethereum.
The company has spent the last year building one of the most interesting Ethereum treasury strategies. In the May 11 update, BitMine said it heroically 5,206,790 Ethereum, along with 201 Bitcoin, $775 million in cash, and other holdings.
BitMine also revealed that there were about 4.71 million ETH of it The property was mortgaged, With a value of about $11.1 billion. Interestingly, staking has been profitable so far, with the company also noting that its annual staking revenue has reached $319 million and a 7-day annualized return of 2.86% from its staking operations.
Ethereum OG buy the dip
BitMine isn’t the only significant player quietly accumulating. On-chain data tracked by Lookonchain He reveals that AlA long-time early adopter of Ethereum, known as 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. More than a year ago, this property sold for $30.56 million at $2,777, realizing a profit of $30.5 million and an 803x return on the original position.
As the market declines, a #EthereumOG Who made $30.5 million (803x return) buys the dip $ Ethereum!
10 years ago, this OG received 11,005 $ Ethereum From ShapeShift for only $3.46 each.
Over a year ago, he sold it for 30.56 million USD/USD At $2,777, it generated $30.5 million in profits – an 803x return.
today,… pic.twitter.com/4N2o9qNpvd
– Loconchain (@loconchain) May 16, 2026
Now, with Ethereum prices falling, the same wallet is back in the market again, deploying $4.26 million to buy 1,951 Ethereum at approximately $2,182 per token. Interestingly, Lookonchain indicated that the wallet may continue to buy.
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At the time of writing, Ethereum was trading at $2,180.
Featured image from Pexels, chart from TradingView
