Bitmine, the Ethereum treasury firm led by Fundstrat founder Tom Lee, has added 101,627 ether worth approximately $233 million to its holdings via Bitgo. The purchase marks Bitmine's largest single-week Ethereum acquisition of 2026, occurring as ether stabilizes above $2,300 after volatility triggered by the KelpDAO exploit earlier this week.
Fresh Wallets, Biggest Buy of the Year
Onchain data shows three newly created wallets receiving 101,627 ether from Bitgo, one of the largest institutional digital asset custodians in the United States. Onchain analysts have linked the wallets to Bitmine, the listed Ethereum treasury company that trades under the ticker BMNR on the New York Stock Exchange. 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's 'Wartime Store of Value' Conviction
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.