Bitmine, the ethereum treasury firm led by Fundstrat founder Tom Lee, has added 101,627 ETH worth roughly $233 million through Bitgo, marking the company’s largest single weekly ethereum accumulation of 2026.
Onchain data showed that three newly created wallets received the ether from Bitgo, one of the largest institutional digital asset custodians in the United States. Analysts linked those wallets to Bitmine, the NYSE-listed ethereum treasury company trading under the ticker BMNR. According to the report, the use of fresh wallets fits Bitmine’s broader approach of separating newly acquired ETH from existing holdings, a structure that also helps with staking management and onchain auditability.
Treasury Nears 5% of Ethereum Supply
After the purchase, Bitmine’s total ether holdings rose to about 4.97 million ETH, putting the firm within reach of holding 5% of Ethereum’s circulating supply. That is a notable concentration for a listed company whose core business is effectively centered on holding and staking a single crypto asset.
Bitmine had previously staked 61,232 ETH, bringing its total staked position to around $7.88 billion. Based on a 7-day yield of 2.89%, its estimated annual staking income stands near $212 million. Roughly 68% of Bitmine’s ETH holdings are now staked, underscoring that the company is not only accumulating ether but also actively monetizing that treasury position.
Institutional Profile Continues to Rise
Bitmine was uplisted from NYSE American to the New York Stock Exchange on April 9, a move that significantly raised its institutional profile. The report said the stock now averages about $747 million in daily dollar volume, ranking it 117th among all U.S.-listed equities. Ether also remained above $2,300 after volatility tied to the KelpDAO exploit earlier in the week, making the timing of Bitmine’s latest purchase especially notable.
Tom Lee has previously described ether as a “wartime store of value” and has signaled that the crypto winter could end sooner than markets expect. This latest onchain move, the company’s largest of the year, is being read as the clearest expression yet of that conviction. The report also noted that, with bitcoin holding key cost-basis levels for recent buyers, some institutional players appear to be positioning more aggressively across crypto markets.