BitMine Immersion Technologies has reportedly acquired another 75,000 ETH worth approximately $123 million, further expanding one of the largest corporate Ethereum treasury positions in the market.
Key Takeaways
- BitMine appears to have acquired 75,000 ETH valued at roughly $123 million through Kraken and FalconX.
- On chain tracking firms identified transfers into three wallets that may be linked to the company.
- The purchase comes as BitMine continues pursuing its Alchemy of 5% strategy focused on accumulating a significant share of Ethereum’s supply.
- The latest acquisition reinforces BitMine’s position as one of the most aggressive public company buyers of Ethereum.
What Happened?
On chain monitoring platforms Lookonchain and Onchain Lens reported that three wallets received 75,000 ETH, valued at approximately $122 million to $123 million, from crypto trading platforms Kraken and FalconX over an eight hour period on June 9.
The wallets are believed to be associated with BitMine Immersion Technologies, the company chaired by Tom Lee, although BitMine has not yet officially disclosed the latest purchase.
THESE 3 WHALES JUST BOUGHT $100M OF ETH
— Arkham (@arkham) June 10, 2026
3 whale addresses (2 of these being fresh addresses) just withdrew a total of $122.29M ETH from FalconX and Kraken.
The address that bought ETH previously, is currently down $9.1M on its past buy. Is this Tom Lee? pic.twitter.com/FaqtTagpJF
BitMine Continues Aggressive Ethereum Accumulation
The newly identified transfer adds to a series of large Ethereum purchases that have defined BitMine’s treasury strategy over the past year.
According to the company’s most recent SEC filing dated June 8, BitMine held 5,543,872 ETH as of June 7. At the time, that represented approximately 4.59% of Ethereum’s total supply of 120.7 million ETH.
If the newly observed 75,000 ETH is eventually added to the company’s reported holdings, BitMine’s Ethereum balance would rise to roughly 5.62 million ETH, increasing its share of supply to approximately 4.66%.
The latest purchase appears to have been executed at an average price of around $1,640 per ETH, a level that is lower than some of the company’s previous large scale acquisitions.
BitMine has repeatedly used Kraken and FalconX to facilitate major Ethereum purchases, highlighting the growing role of institutional trading infrastructure in handling transactions worth hundreds of millions of dollars without causing major market disruptions.
The Alchemy of 5% Strategy
BitMine’s Ethereum buying campaign is driven by its Alchemy of 5% initiative, a strategy designed to accumulate at least 5% of Ethereum’s total supply.
The company recently disclosed that it had added 126,971 ETH in a single week, bringing it to roughly 92% of its stated target at the time of the filing.
Another notable aspect of BitMine’s treasury approach is its emphasis on staking. The company reported that 4,718,677 ETH, representing more than 85% of its Ethereum holdings, had been deployed into staking activities.
This allows BitMine to generate additional yield while maintaining exposure to Ethereum’s long term growth potential.
From Bitcoin Miner to Ethereum Treasury Giant
BitMine’s current strategy marks a dramatic shift from its origins as a cryptocurrency mining company.
The company was historically known for its Bitcoin mining operations, but a $250 million private placement completed in June 2025 helped fund its transition into an Ethereum focused treasury business.
Today, investors increasingly view BitMine as a public market vehicle for Ethereum exposure. As a result, the company’s valuation has become closely linked to Ethereum prices, staking performance, treasury growth, and Tom Lee’s broader investment thesis.
Lee has repeatedly argued that Ethereum stands to benefit from expanding adoption of tokenization, stablecoins, and growing demand for blockchain based settlement infrastructure tied to artificial intelligence applications.
Risks Remain Despite Growing Holdings
While BitMine’s accumulation strategy has attracted attention from Ethereum supporters, the approach also carries meaningful risks.
A treasury position measured in millions of ETH leaves the company highly exposed to cryptocurrency price volatility, liquidity conditions, regulatory developments, and future financing requirements.
The company’s own SEC filings note that market conditions, staking reliability, and broader regulatory changes could materially affect future performance.
Even so, BitMine’s latest acquisition suggests management remains confident in Ethereum’s long term outlook and is continuing to treat market weakness as an opportunity to increase exposure.
CoinLaw’s Takeaway
In my experience, very few public companies have committed to a crypto treasury strategy at the scale BitMine is pursuing. What stands out is not just the size of the latest 75,000 ETH purchase, but the consistency of the company’s buying activity. I found that BitMine is steadily transforming itself into one of the most direct public market proxies for Ethereum. If the company continues accumulating at this pace, its influence within the Ethereum ecosystem could become increasingly difficult for investors to ignore.
