Bitmine, an ethereum treasury firm headed by Tom Lee, who also founded Fundstrat, recently increased its ether holdings by 101,627 ether, worth around $233 million. The transaction was processed through Bitgo.
Key Takeaways:
- Tom Lee’s Bitmine acquired 101,627 ETH worth $233 million from Bitgo, its largest weekly buy of 2026.
- The purchase brings Bitmine’s total ether holdings to approximately 4.97 million ETH across its treasury.
- Three newly created wallets received the ETH from Bitgo, consistent with Bitmine’s ongoing accumulation strategy.
Fresh Wallets, Biggest Buy of the Year
I just saw some interesting on-chain data – three new wallets received a large chunk of Ether, over 101,000, from Bitgo, a big player when it comes to securely holding crypto for institutions. Analysts seem to have figured out these wallets belong to Bitmine, a publicly traded company on the NYSE that focuses on Ethereum – their ticker is BMNR. It’s definitely something to keep an eye on, as large movements like this can sometimes signal bigger things happening with a company’s treasury.
The purchase is Bitmine’s largest single-week ethereum acquisition of 2026 and arrives as ether stabilizes above $2,300 following volatility triggered by the KelpDAO exploit earlier this week.
The use of freshly created wallets is consistent with Bitmine’s approach of separating new acquisitions from its existing holdings, a strategy that simplifies staking management and onchain auditing for institutional observers.
Closing in on 5% of Ethereum’s Supply
The Thursday purchase brings Bitmine’s total ether holdings to approximately 4.97 million ETH, placing the firm within striking distance of holding 5% of Ethereum’s entire circulating supply. The company previously staked 61,232 ETH in a move that brought its total staked position to $7.88 billion, with annualized staking revenue of approximately $212 million at a 7-day yield of 2.89%. Around 68% of Bitmine’s holdings are currently staked.
Bitmine was uplisted from NYSE American to the New York Stock Exchange on April 9, significantly raising its institutional profile. Its average daily dollar volume of $747 million now ranks it 117th among all US-listed equities, an unusual position for a company whose core business is holding and staking a single crypto asset.
Tom Lee has framed ether as “the wartime store of value” and has previously signaled that crypto winter conditions could end sooner than markets expect. Thursday’s purchase, the firm’s largest onchain move of the year, is the clearest expression yet of that conviction. Grayscale recently flagged a bull market setup forming as bitcoin holds a critical breakeven level for recent buyers, a signal that several institutional players appear to be acting on simultaneously.
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2026-04-23 11:27