Tom Lee’s BitMine appears to have added another 75,000 ETH worth about $123 million, extending one of the most aggressive public-company Ethereum accumulation strategies in the market.
The latest Lookonchain alert identified fresh ETH movements from Kraken and FalconX into wallets linked to BitMine over an eight-hour window. The implied average price sits near $1,640 per ETH, keeping the purchase close to the level used in BitMine’s latest official treasury update.
The company has not yet issued a new holdings disclosure reflecting the latest wallet movement. BitMine’s June 8 SEC-filed update placed its Ethereum holdings at 5,543,872 ETH as of June 7 at 3:00 p.m. ET, equal to 4.59% of Ethereum’s 120.7 million token supply. If the newly identified 75,000 ETH is additive to that figure, BitMine’s balance would rise to about 5,618,872 ETH, or roughly 4.66% of supply.
Treasury Push Moves Closer To 5%
The latest wallet movement follows a rapid buying streak from BitMine. The company recently disclosed a weekly addition of 126,971 ETH, pushing its official holdings to 5.54 million ETH and putting it 92% of the way toward its “Alchemy of 5%” target. That update also showed 4,718,677 ETH staked, representing more than 85% of BitMine’s total ETH stack at the time.
The new onchain activity comes shortly after BitMine added 127,000 Ethereum as its treasury reached 4.59% of ETH supply. It also follows another 25,000 ETH move from Kraken, reinforcing the pattern of exchange-linked inflows into wallets tied to the company’s treasury strategy.
BitMine has turned ETH accumulation into the center of its public-market identity. The company still operates as a Bitcoin and Ethereum network business, but its market narrative now closely tracks Ethereum price action, staking yield, treasury growth and Lee’s long-running thesis that Ethereum will benefit from tokenization, stablecoins and AI-driven demand for neutral settlement rails.
ETH Treasury Trade Stays High-Risk
The latest purchase signal gives Ethereum bulls another visible institutional accumulation point at a time when ETH remains under pressure. BitMine’s buying suggests the company is treating the selloff as an opportunity rather than a reason to slow its strategy.
That does not remove the risks. A treasury this large makes BMNR highly sensitive to ETH price swings, staking performance, liquidity conditions and future capital raises. BitMine’s own SEC filing warns that crypto volatility, regulatory developments, financing needs and staking reliability can all affect future performance.
Lee’s broader Ethereum call also remains bold. His view that ETH can climb toward much higher levels is directly tied to BitMine’s balance sheet, making the company one of the clearest public-market expressions of the Ethereum treasury trade. The latest 75,000 ETH movement strengthens that exposure, but the next official BitMine disclosure will determine how much of the onchain activity is formally added to the company’s reported treasury.
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