On-chain data reveals BitMine Immersion Technologies, chaired by Tom Lee, has acquired an additional 89,026 Ethereum valued at approximately $197 million. The purchase comes amid a period of price weakness, with ETH slipping below $2,300.
According to Lookonchain, the funds were routed through four newly created wallets, receiving ETH from Kraken and FalconX. The transactions included a 25,000 ETH transfer from Kraken and three separate 15,000 ETH transfers from FalconX.
BitMine has been steadily building its Ethereum treasury, aiming for 5% of total supply. In its latest update, the firm reported holdings of 5,206,790 ETH, 201 BTC, and $775 million in cash. About 4.71 million ETH is staked, generating $319 million in annualized staking revenue.
Separately, an early Ethereum adopter who realized an 803x return has re-entered the market, buying 1,951 ETH at $2,182 per token. The wallet previously sold 11,005 ETH for $30.5 million profit.
ETH is trading at $2,180 at the time of writing.