- Bitmine Ethereum treasury company purchased an additional 100,000 ETH on Thursday.
- This purchase is Bitmine’s largest Ethereum acquisition since the beginning of 2026.
- Tom Lee predicts Ethereum’s price trend will turn bullish sooner than most people expect.
On-chain data suggest ongoing ETH accumulation by a renowned whale, Tom Lee, on behalf of Bitmine, the Ethereum treasury company he leads.
A Consistent Pattern for Bitmine
According to data from Lookonchain, three newly created wallets, likely linked to Bitmine, received 100,000 ETH, worth $233.7 million from BitGo in the early hours of Thursday. The purchase represents Bitmine’s largest single-week ETH acquisition of 2026.
The pattern of the latest ETH buy is consistent with Bitmine’s approach, which separates new acquisitions from its existing holdings. It is a strategy that simplifies staking management and on-chain auditing for institutional observers.
Bitmine’s Ethereum Prominence
With the latest purchase, Bitmine further solidifies its position as one of the largest single corporate holders of Ethereum. The firm now holds approximately 4.97 million ETH, placing it within striking distance of holding 5% of Ethereum’s circulating supply.
In the meantime, Bitmine has staked 61,232 ETH, bringing its total staked position to $7.88 billion, with annualized staking revenue of approximately $212 million at a 7-day yield of 2.89%. It is worth noting that approximately 68% of Bitmine’s ETH holdings are staked.
Bitmine’s institutional profile received a boost on April 9 following the firm’s listing on the New York Stock Exchange (NYSE). The company’s average daily dollar volume of $747 million pushed its ranking to 117th among all US-listed equities. Analysts consider this an impressive position for a company with a core business focus on holding and staking a single crypto asset.
“The Wartime Store of Value”
Lee is known as one of Ethereum’s biggest supporters. He described the digital asset as “the wartime store of value,” and has previously predicted that the current crypto winter conditions could end sooner than markets expect. Observers consider his latest ETH acquisition a clear expression of his conviction that ETH’s price trajectory could soon turn bullish.
In the meantime, Ethereum traded at $2,325 at the time of writing, according to TradingView’s data. The cryptocurrency surged above $2,400 last weekend, signaling a potential bullish breakout. A confirmed move above this region would open the way for a return toward $3,000, aligning with Lee’s position of a more permanent change in price trajectory.
Related: Tom Lee Says Ethereum and Bitcoin Are Beating Equities
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