Bitmine: Buys 89,026 ETH for $197.64 Million

Bitmine, the Ethereum treasury vehicle tied to Tom Lee of Fundstrat, purchased another 89,026 ETH valued at $197.64 million through four newly created wallets that pulled the tokens directly from Kraken and FalconX.

The move lifts Bitmine’s cumulative 2026 acquisitions past 1 million ETH and brings total holdings above 4.66 million tokens, reinforcing its position as one of the largest institutional ETH accumulators. On the 4h chart, ETH sits at $2228.39 inside a bearish structure where the EMA50 at $2287.68 caps upside and the EMA200 at $2272.84 offers immediate resistance; the MACD death cross at –19.16 keeps momentum negative while RSI at 37.84 leaves room for further downside toward the lower Bollinger band support at $2207.83 before any sustained recovery attempt.