Bitmine, the publicly traded Ethereum treasury company helmed by Fundstrat co-founder Tom Lee, has executed its largest single-week ether acquisition of 2026, adding 101,627 ETH worth approximately $233 million via institutional custodian Bitgo. Onchain data reveals that three newly created wallets received the ether from Bitgo on Thursday, with analysts linking them directly to Bitmine (NYSE: BMNR). The purchase comes as ether stabilizes above $2,300 following volatility triggered by the KelpDAO exploit earlier this week.
Fresh Wallets Signal Strategic Accumulation
The use of freshly generated wallets aligns with Bitmine’s established practice of segregating new purchases from existing holdings. This approach simplifies staking management and onchain auditing for institutional observers. Thursday’s buy marks the company’s largest single-week ether accumulation of 2026, underscoring Tom Lee’s conviction in Ethereum as a long-term treasury asset.
Approaching 5% of Ethereum’s Circulating Supply
This 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, bringing its total staked position to $7.88 billion. At a 7-day yield of 2.89%, Bitmine generates roughly $212 million in annualized staking revenue. Currently, about 68% of its treasury is actively staked.
Exchange Uplisting Boosts Institutional Profile
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 has described ether as “the wartime store of value” and signaled that crypto winter conditions could end sooner than markets expect. 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.