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Bitmine Immersion Technologies has made headlines with a significant $147 million acquisition of Ethereum within a single 24-hour period. Tom Lee’s Bitmine acquired 65,000 ETH, increasing its total holdings to 5.07 million ETH, which represents over 4.2% of the total circulating supply.
At the time of this report, the ETH price is positioned around the $2,250 mark, stabilizing after a phase of relative underperformance compared to Bitcoin. Tom Lee maintains a long-term target of $62K for Ethereum as it generates the highest fees compared to other blockchain networks.
ETH leads in fees with slightly more than $1.3M, closely followed by HYPE!
pic.twitter.com/h98RR5pNHp
— Crypto Crib (@Crypto_Crib_) April 30, 2026
How Bitmine Accumulated a $147M Ethereum Position in Just One Day
On-chain data monitored through Arkham Intelligence indicates a significant surge in Bitmine’s wallet activity, with verified on-chain holdings exceeding 626,000 ETH, valued at over $1.4 billion.
Bitmine, Arkham
The company executed a block purchase of 20,000 ETH valued at $44.8 million via FalconX, a prominent institutional trading platform, as part of the 65,000 ETH acquisition. Additionally, a separate 10,000 ETH lot was obtained through a direct OTC transaction with the Ethereum Foundation on April 24, 2026.
Tom Lee, chairman of Bitmine and head of research at Fundstrat Global Advisors, has consistently been a bullish voice within the crypto space. Lee mentioned that the firm perceives ETH to be in the “final stages of the ‘mini-crypto winter,’” and Bitmine has staked 3.7 million ETH, yielding an estimated $363 million annually.
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– Bitcoins’ fair value $250K, ETH at a quarter = $62,000 pic.twitter.com/JIte3HIncF— Tom Lee Tracker (Not actually Tom) (@TomLeeTracker) April 18, 2026
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Should We Pay Attention to Bitmine’s Ethereum Developments?
The narrative surrounding institutional accumulation of Ethereum is compelling. However, with a market capitalization of $272 billion, the potential for asymmetric returns has significantly diminished for those with limited resources. Traders seeking substantial gains are looking earlier in the cycle, which is where infrastructure presales with real technical differentiation become relevant.
Bitcoin Hyper ($HYPER) is emerging as the first-ever Bitcoin Layer 2 integrated with Solana Virtual Machine (SVM), a truly innovative combination that offers sub-second finality and smart contract programmability while maintaining Bitcoin’s security framework.
The presale has successfully raised over $32.5 million at a current price of $0.0136, with a high 36% APY staking already available for presale participants. Key infrastructure includes a Decentralized Canonical Bridge for BTC transfers and extremely low-latency transaction execution.
Hyper operates faster than Solana itself, utilizing Bitcoin’s infrastructure. For those who believe that Bitcoin’s programmability gap represents the next trillion-dollar opportunity, the entry point here is significantly earlier than that of ETH.
Research Bitcoin Hyper here.
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