Bitmine Immersion Technologies is doubling down on Ethereum with a rapid accumulation strategy that’s turning heads across the market. New on-chain data and company disclosures reveal the firm scooped up around 65,000 ETH, worth roughly $147 million, within just 24 hours, signalling a sharpened conviction in Ethereum as a core treasury asset.
Tom Lee(@fundstrat)’s #Bitmine bought another 20,000 $ETH($44.8M) 3 hours ago, bringing his total purchases to 65,000 $ETH ($147M) over the past 24 hours.https://t.co/JhsgmLa9xn pic.twitter.com/9wY8MMhh5M
— Lookonchain (@lookonchain) April 30, 2026
Rapid accumulation signals strategic shift
The latest buying spree happened twice. Bitmine first acquired 45,000 ETH valued at about $103.5 million, before adding another 20,000 ETH worth nearly $44.8 million just hours later. Institutional platforms like FalconX and BitGo facilitated parts of these transactions, underscoring the scale and sophistication behind the operation.
The activity, initially flagged by Lookonchain, shows one of Bitmine’s most aggressive short-term accumulation phases this year.Over the past three weeks, the firm has consistently added between 45,000 and 50,000 ETH weekly before ramping up to the latest 65,000 ETH surge.
Chairman Tom Lee has previously hinted at a more assertive acquisition pace, aligning with the firm’s internal outlook on market conditions and Ethereum’s long-term potential.
Staking strategy expands as holdings grow
Beyond buying, Bitmine is putting its Ethereum to work. Recent blockchain data shows the firm transferred about 75,600 ETH to Coinbase Prime for staking, following an earlier movement of over 61,200 ETH.
Data from Arkham Intelligence suggests Bitmine now has roughly 3.8 million ETH staked, valued at nearly $8.8 billion, representing about 70% of its total holdings. Additional wallet activity hints at unconfirmed inflows of up to 100,000 ETH, which, if verified, could push total holdings to approximately 5.08 million ETH.
That would place Bitmine well ahead of rival SharpLink and give it control of over 4% of Ethereum’s circulating supply, an unusually large concentration for a single entity.
Meanwhile, Bitmine’s stock (BMNR) reflected mild volatility, closing at $20.66 on April 29 after dipping earlier in the session before stabilizing in after-hours trading.
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