Bitmine Immersion Technologies just dropped another $123 million on Ethereum. The company, chaired by Tom Lee, scooped up 75,000 ETH from exchanges Kraken and FalconX over an eight-hour window on June 9.
On-chain data tracked by Lookonchain shows the tokens were funneled into three separate wallets. Two of those wallets were freshly created right before the transfers, a pattern that has become something of a Bitmine signature at this point.
The Alchemy of 5% and beyond
Bitmine has been systematically accumulating Ethereum throughout 2025 and 2026, building what the company calls its “Alchemy of 5%” strategy, a goal to accumulate more than 5% of the total Ethereum supply. Bitmine’s Ethereum treasury now sits north of 5.4 million ETH, comfortably exceeding that threshold.
The latest acquisition follows a string of large-scale buys earlier this year. Bitmine previously purchased 89,000 ETH for $197 million, 111,000 ETH for $237 million, and 127,000 ETH for $214 million at various points in 2026. Each transaction used the same playbook: Kraken and FalconX as counterparties, fresh wallets to receive the tokens, and execution timed during periods of market weakness.
