BitMine Accumulates Ether as Tom Lee Links Price Pullback to Oil
Ethereum treasury firm BitMine Immersion Technologies appears to have bought roughly 89,000 ETH worth about $197.6 million, according to Lookonchain, while CoinDesk reports a separate weekly purchase of over 71,000 ETH. The reported figures diverge across sources and the firm's own disclosures, and chairman Tom Lee attributes the recent ether pullback to rising oil prices.
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On-Chain Purchase Reports
On-chain analytics firm Lookonchain flagged a roughly $197.64 million Ethereum purchase, about 89,026 ETH at current prices, routed through four newly created wallets that received funds from Kraken and FalconX. The transfers were reported as a 25,000 ETH Kraken transfer, three 15,000 ETH FalconX transfers, and a further Kraken transfer of about 19,026 ETH. Lookonchain's attribution to BitMine is an inference from the wallet activity; the tracker did not describe it as a confirmed company disclosure.
Conflicting Accounts of Weekly Buying
CoinDesk reported that BitMine bought over 71,000 ETH in the most recent week, a sharp increase from the prior week. That figure does not match the company's own May 11 update, which NewsBTC cited as showing a slowdown: 26,659 ETH bought in the week ending May 11, worth about $63 million, roughly a quarter of the firm's recent average weekly pace. The two accounts describe different weeks or different measurement windows, and the sources do not reconcile them. Readers should treat the 89,026 ETH on-chain estimate, the 71,000 ETH CoinDesk figure and the 26,659 ETH company figure as distinct numbers rather than a single purchase total.
Holdings and Staking
In its May 11 update, BitMine reported holding 5,206,790 ETH, 201 BTC and $775 million in cash, along with other holdings. About 4.71 million ETH, valued at roughly $11.1 billion, was staked. The company said annualized staking revenue had reached $319 million and that its own staking operations yielded a 7-day annualized rate of 2.86%. Chairman Tom Lee said the firm is moderating purchases as it approaches its stated goal of owning 5% of Ethereum's total supply.
Tom Lee on the Pullback
CoinDesk reports that Lee tied the recent ether pullback to rising oil prices. The sources reviewed do not include Lee's full reasoning, so the link between energy costs and ether's decline should be read as his stated view rather than an established market relationship. NewsBTC noted ether had fallen below $2,300 with $2,100 now in focus.
Separate Early-Holder Activity
Lookonchain also tracked a wallet tied to an early Ethereum holder that received 11,005 ETH from ShapeShift at about $3.46 per token and sold in 2025 for 30.56 million USDC at $2,777, a reported $30.5 million profit. The same wallet has since deployed 4.26 million USDC to buy 1,951 ETH at about $2,182, and Lookonchain said it may keep buying. This wallet is not linked to BitMine in the source material.
Why It Matters
For Traders
Conflicting purchase figures and an unconfirmed on-chain attribution mean price reactions to these reports may reflect uncertainty as much as accumulation.
For Investors
BitMine's stated 5% supply target and large staked position make its buying pace a meaningful structural variable for ether's float over coming months.
For Builders
Staking yields reported by a treasury firm at 2.86% annualized give protocols a concrete benchmark when modeling ether staking economics.
This article is for information only and is not financial advice. Read the full disclaimer.
