BitMine Immersion Technologies has discreetly purchased 89,026 ETH, valued at approximately $197.6 million, through four newly created wallets. On-chain analytics from Lookonchain revealed that the Ethereum was acquired from major over-the-counter platforms Kraken and FalconX. The transactions included 25,000 ETH from Kraken and three separate transfers of 15,000 ETH each from FalconX, along with an additional 19,026 ETH from Kraken. This acquisition is part of BitMine's strategy to build an institutional-style Ethereum treasury. As of May 11, the company holds 5,206,790 ETH, with 4.71 million staked, generating annualized staking revenues of $319 million. BitMine's chairman, Tom Lee, indicated a moderation in purchases as the firm nears its goal of owning 5% of Ethereum's total supply. Meanwhile, an early Ethereum adopter has also re-entered the market, purchasing 1,951 ETH with 4.26 million USDC amid recent price dips.