Two major Ethereum buyers made headlines on May 8, 2026, reinforcing the narrative of strong accumulation among high-profile investors. Erik Voorhees, founder of ShapeShift, purchased 2,920 ETH worth approximately $6.67 million in a single transaction, while Bitmine (BMNR), the largest corporate ETH treasury, disclosed it holds over 5.1 million ETH and may soon decelerate its aggressive buying as it approaches a 5% supply target.
According to on-chain data from Lookonchain, Voorhees executed the purchase just 20 minutes before the report, using a single wallet address. This continues a months-long pattern of consistent ETH accumulation during market dips. Bitmine’s chairman Tom Lee told Consensus 2026 in Miami that the firm has been buying roughly 100,000 ETH per week and could reach its 5% goal in just six weeks. “At our current buying pace … we’re going to be there in like six weeks,” Lee said, adding that the company is “deciding perhaps we want to accumulate at a somewhat slower pace.”
Bitmine’s treasury strategy is complemented by staking revenue: around 85% of its ETH is staked, generating over $300 million annually, providing daily cash flows exceeding $1.2 million. This income has allowed the firm to continue buying even during market downturns. Meanwhile, the company announced a $4 billion share buyback program and is expanding its institutional staking platform, MAVAN, which manages $14 billion in digital assets including Ethereum, Solana, and Canton.
Voorhees’s purchase, though smaller in scale, signals conviction from a veteran crypto entrepreneur who has long championed self-custody and decentralized finance. Both events underscore a broader trend of institutional and influential individuals accumulating ETH, even as regulatory and market uncertainties persist. Lee also laid out bullish ETH price targets based on Bitcoin’s trajectory and tokenization growth, ranging from $22,000 to $250,000, while noting that Bitcoin closing above $76,000 by end of May would mark a historic signal that the bear market is over.
