Bitmine, the Ethereum treasury firm led by Tom Lee, founder of Fundstrat, acquired 101,627 ETH valued at approximately $233 million through institutional custodian BitGo, marking its largest weekly purchase of 2026.
Onchain analysts identified three newly created wallets that received the funds from BitGo, a practice consistent with the company’s strategy of separating new acquisitions from its existing positions to simplify staking management and institutional auditing.
With this transaction, Bitmine’s total holdings rose to approximately 4.97 million ETH, bringing the firm close to the 5% threshold of Ethereum’s total circulating supply. Around 68% of those holdings are currently staked, the position is valued at $7.88 billion, and it yields an estimated annualized return of $212 million at a seven-day rate of 2.89%.
At the time of the transaction, Ethereum’s price was stabilizing above $2,300, following the volatility triggered by the KelpDAO exploit recorded earlier in the week. Bitmine trades under the ticker BMNR on the New York Stock Exchange. Its average daily dollar volume stands at $747 million, placing it at position 117 among all stocks listed in the United States.
Source: https://x.com/lookonchain/status/2047163342159278292
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