Chain data points to another interesting move and Tom Lee BitMine Immersion Technologies, with a whale tracker that shows Ethereum purchases of $197.64 million across four newly created wallets.
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The latest Ethereum buy is timed time of weakness, which has seen the price of Ethereum lose $ 2,300, and $ 2,100 is now looking.
BitMine Adds 89,026 ETH As Fundraising Continues
On the chain analytics firm Lookonchain showed a list of events showing that BitMine, a cryptocurrency mining and wealth firm led by the famous investor Tom Lee, may have quietly acquired another 89,026 ETH worth about $197.64 million at current market prices. According to Lookonchainthe funds were routed through four newly created addresses, which received ETH from the main Kraken and FalconX exchanges.
Lookonchain said that wallets were created shortly after the transfer. The image shared with the transaction data shows a transfer of 25,000 ETH from Kraken for about $55.67 million, three separate transfers of 15,000 ETH from FalconX for about $33.3 million each, and another transfer from Kraken for about 19,026 ETH worth $42.28 million.
BitMine reduced the purchase of ether in the week ending on May 11, buying 26,659 ETH worth about $ 63 million, about a quarter of its recent weekly speed. Chairman Tom Lee said the company he was controlling his purchases as it approaches its long-term goal of holding 5% of Ethereum’s total revenue.
The company has spent the last year building one of the most interesting solutions for the Ethereum economy. In his May 11 update, BitMine said that hero 5,206,790 ETH, along with 201 BTC, $775 million in cash, etc.
BitMine also revealed that about 4.71 million of its ETH taxes were made, about $11.1 billion. Interestingly, the valuation has been profitable so far, with the company also seeing annual revenue of $319 million and a 7-day yield of 2.86% from its holdings.
Ethereum OG Buys Dip
BitMine is not the only important player that is quietly stacking up. On-chain information tracked by Lookonchain shows that alThe ong-tenured Ethereum early adopter, known locally as OG, has returned to the market amid recent price weakness.
According to Lookonchain, this wallet received 11,005 ETH from ShapeShift ten years ago at an entry price of only $3.46 per token. More than a year ago, the stock was sold for 30.56 million USDC at $2,777, realizing a profit of $30.5 million and a return of 803x on the first position.
When the market goes down, an #EthereumOG who made $30.5M(803x return) buying the dip $ETH!
10 years ago, this OG received 11,005 $ETH from ShapeShift for $3.46 each.
More than a year ago, they sold 30.56M $USDC at $2,777, making $30.5M profit – a return of 803x.
Today,… pic.twitter.com/4N2o9qNpvd
– Lookonchain (@lookonchain) May 16, 2026
Now, with ETH prices falling, the same wallet has re-entered the market, sending 4.26 million USDC to buy 1,951 ETH at around $2,182 per token. Interestingly, Lookonchain said that the wallet can continue to make purchases.
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At the time of writing, Ethereum is trading at $2,180.
Image taken from Pexels, chart from TradingView
