Bitmine acquires 75,000 Ethereum for $123M from Kraken and FalconX
Tom Lee's company continues its relentless Ethereum accumulation strategy, now holding over 5% of total ETH supply.
Share
Add us on Google by Editorial Team Jun. 9, 2026Bitmine 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.
AdvertisementThe 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.
At roughly $1,640 per ETH on this latest buy, the price was notably cheaper than some of their earlier acquisitions. The 111,000 ETH purchase, for instance, came at an implied price of about $2,135 per token.
From Bitcoin miner to Ethereum whale
Bitmine’s transformation is one of the more dramatic pivots in recent crypto corporate history. The company, which trades under the ticker BMNR, started life as a Bitcoin mining operation. That changed after a $250 million private placement in June 2025 that effectively funded the company’s reinvention as an Ethereum-focused treasury vehicle.
The strategy has historically created some volatility in BMNR’s own stock price. Large ETH purchases tend to coincide with swings in the company’s equity valuation, as public market investors try to figure out whether they’re buying a technology company or a leveraged Ethereum position.
What this means for investors
When a single entity controls more than 5% of any asset’s total supply, it changes the game for everyone else holding that asset. The flip side is concentration risk: a 5.4 million ETH position can’t be unwound quietly, and any forced liquidation could generate significant selling pressure.
The consistent use of Kraken and FalconX as execution partners is worth noting. FalconX primarily serves institutional clients, and its involvement in these transactions suggests that the infrastructure for large-scale crypto acquisitions has matured considerably, with OTC desks and institutional-grade exchanges now capable of handling nine-figure transactions without causing massive slippage.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.