Three fresh wallets reportedly tied to Bitmine Immersion Technologies (BMNR) received 100,000 Ethereum (ETH) worth $233.7 million from custodian BitGo on Thursday.
Bitmine Tops 5 Million ETH Threshold
The transfer extends the firm's drive to secure 5% of ETH's circulating supply. It also lands days after Bitmine's largest weekly ETH purchase of 2026.
Blockchain tracker Lookonchain flagged the three wallets on Apr. 23, though they have not been officially confirmed as Bitmine addresses.
Bitmine said on Apr. 20 that it had bought 101,627 ETH the prior week, a haul worth roughly $239 million at current prices. That lifted total holdings to 4.976 million ETH, or 4.12% of the circulating supply.
Thursday's inflow would carry the total above 5 million tokens for the first time, placing the firm 83% of the way to its 5% target. About 3.33 million coins are already staked, generating roughly $221 million in annualized revenue.
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Whales Join The Ethereum Accumulation Wave
Bitmine is not buying alone. A fresh wallet pulled 35,000 ETH worth $80.7 million from Binance before routing the tokens to BitGo, Lookonchain said.
A separate address, 0xf860, withdrew 18,000 ETH worth $43.22 million from Binance and sent the funds to the same custodian.
Whale 0x65B4 bought 7,448 tokens at $2,350 after selling 10,829 ETH at $2,300 three days earlier, signaling conviction despite short-term weakness.
Ethereum briefly pushed above $2,400 on Wednesday before giving back the gains, and trades near $2,330 at press time, down 1.7% on the day. Tom Lee, Bitmine's chairman, said last week the crypto "mini-winter" looks close to ending, citing equity drawdowns milder than past cycles.
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