A whale address suspected to belong to Tom Lee’s BitMine has purchased over $100 million worth of Ethereum today, according to on-chain data from Arkham Intelligence. The transaction has sparked fresh speculation that the firm is continuing its aggressive ETH accumulation strategy.
Arkham flagged the unlabeled wallet’s purchase of approximately $106.98 million worth of ETH. That purchase was equivalent to roughly 50,000 ETH at the time of the transaction. In its X post reporting the transaction, the analytics platform noted that the wallet’s purchase pattern closely resembles BitMine’s previous acquisition behavior.
Lookonchain Identifies Additional BitMine-Like Patterns
Blockchain analytics firm Lookonchain corroborated the findings. In its X post reporting the purchase, Lookonchain noted that the unknown address, likely Tom Lee’s BitMine, purchased 50,000 ETH through FalconX, but put the value at approximately $108.3 million.
The accumulation follows another major purchase flagged yesterday, in which a wallet also suspected to belong to BitMine acquired 67,111 ETH worth roughly $145 million from Kraken within a five-hour window.
According to Lookonchain, the purchase forms part of a broader accumulation pattern. Over the past two days, three newly created wallets linked to BitMine have acquired approximately 117,111 ETH worth $253.3 million.
Tom Lee’s Bitmine Buys Another 30,000 Ethereum as Whales Splash Millions in ETH
BitMine’s Ethereum Accumulation Strategy Continues
The latest purchases align with BitMine’s previous accumulation pattern. The Tom Lee-led firm has steadily built one of the largest Ethereum treasuries in its “Alchemy of 5%” plan to control 5% of the total Ethereum supply. BitMine had previously added tens of thousands of ETH across multiple weekly transactions, through over-the-counter desks and institutional liquidity providers.
With the latest purchase, BitMine has inched closer to its goal. The firm currently holds around 4.7 million ETH in its treasury, about 3.9% of the Ethereum supply. Meanwhile, BitMine stakes most of its holdings for yield, combining treasury accumulation with passive earnings.
Meanwhile, large purchases, such as the recent 50,000 ETH, are closely monitored by traders because they can signal institutional conviction. When major investors accumulate assets during periods of market uncertainty, it often suggests expectations of future upside.
Ethereum has recently traded within a volatile range, making the timing of the accumulation particularly noteworthy. The ETH price currently sits at $2,116 after failing to reclaim the $2,200 price despite a brief market recovery earlier this week. The $2,200 price level serves as one of Ethereum’s most important structural resistance levels, and market participants will keep watching to see how the ETH price reacts to that level in coming weeks.
Growing Institutional Interest in Ethereum
The continued accumulation by wallets linked to BitMine further highlights growing institutional interest in Ethereum. Large-scale investors have increasingly turned to ETH for exposure to decentralized finance, tokenization, and broader blockchain infrastructure growth. This suggests they see the premier altcoin as a safe-haven asset, especially as influential figures like Robert Kiyosaki stress diversifying into these ahead of an imminent dollar crash.
If BitMine continues accumulating at this pace, the firm could further expand its already sizable Ethereum holdings. Market participants will also keep alert to determine whether additional purchases follow.
Tom Lee’s BitMine Adds Another 20K Ethereum, Pushes Treasury Past 4.37M ETH
The CoinRemark Team
Temitope Olajide
