Ethereum July 10, 2026

Tom Lee’s Ethereum Whale Play Mirrors MicroStrategy and Now Owns 4.8% of All ETH

Ethereum ETH treasury strategy impacts Ethereum leverage wipeout with a Cleaner ETH rally that affects ETH ETF flows

Bitmine ETH spent $230M+ buying ETH via Galaxy Digital, FalconX, and Kraken, making Tom Lee Ethereum the largest Ethereum whale with 5.74M ETH (4.8% of supply), as BMNR stock and ETH price today remain in focus
Bitmine’s “Alchemy of 5%” mirrors MicroStrategy’s Bitcoin playbook: concentrate treasury in ETH, stake 4.87M tokens for $223M annualized revenue, issue preferred stock (BMNP) to fund accumulation, and target Russell 1000 institutional inflows
Strategy sold $216M in Bitcoin the same week Bitmine bought $74M in ETH, the starkest possible contrast between the two largest corporate crypto treasury strategies in 2026

Ethereum whale activity is back in focus after Bitmine ETH purchases worth nearly $35 million reignited speculation around Tom Lee’s Ethereum strategy. As BMNR stock attracts investor attention and the ETH price today remains closely watched, Arkham data shows a new wallet accumulating ETH, prompting questions over whether this is another major Bitmine accumulation.

Also Read: Micron Stock ($MU) Price Climbs as 2026 Profit Could Top Past 35 Years Combined

Why Bitmine Bought $230M in ETH in Two Weeks While Strategy Was Selling Bitcoin

ETH coin with golden background — Source: Tokpie

Bitmine’s Tom Lee has long shown his adoration for Ethereum. The latest Arkham data hints at Lee making this huge $35M purchase, but the claim is yet to be confirmed. However, the platform was quick to add how this mysterious Ethereum whale movement mirrors that of Bitmine, prompting a detailed Tom Lee-Ethereum discussion to take over X.

Someone just bought $35M of ETH.

A fresh whale wallet withdrew $35.92M of ETH from Galaxy Digital, and they are already up $900K on the purchase. Their purchase patterns match known Bitmine purchase patterns.

Is this Tom Lee? pic.twitter.com/KqY5T5vAZZ
— Arkham (@arkham) July 10, 2026

Bitmine purchased nearly $230M in ETH two weeks back, as Lee continues to build a dedicated ETH treasury. That being said, Lee is also betting big on ETH, as he believes it can become an onboarding layer for Wall Street in the future.

Tom Lee: Wall Street Is Choosing Ethereum as the Underlying Layer

In an interview with The Master Investor Podcast with Wilfred Frost on January 20, Bitmine Chairman Tom Lee said that despite long-term pressure on the ETH/BTC ratio, the tokenization trend is prompting Wall… pic.twitter.com/rNGrXXvtc7
— Wu Blockchain (@WuBlockchain) February 8, 2026

In addition to this, Lee’s recent purchases have drawn comparisons from Strategy, which had sold its Bitcoin recently. Saylor later said the BTC selloff was made to replenish the firm’s USD reserves. Furthermore, the former Strategy CEO said the sale helped fund stock dividends. He added that his long-term BTC accumulation plan remains in place.

Also Read: SpaceX Moves Bitcoin for First Time in Six Months as $325M Stock Donation Puts Company in Spotlight

Will Such Bullish Ethereum Whale Purchases Help Transform Ethereum’s Fate?

Ethereum is currently sitting at $1798, up 4% in the last 24 hours. Per CoinCodex ETH data, the asset may hit $2679 by the end of next month.

Ethereum is forecasted to hit $2,005.13 by the end of 2026 (+11.50% compared to current rates), $2,948.49 by 2030 (+63.96%), $5,456.84 by 2040 (+203.45%), and $7,030.51 by 2050 (+290.96%).

In addition to this, Bitmine’s stock is another key element that should be in focus. The company’s budding inclinations towards Ethereum have long impacted the BMNR stock’s reputation. Per the CC prediction, BMNR stock may plunge to hit $34 by the end of next month.