Bitmine has quietly added roughly $70 million in Ethereum to its treasury, pushing its holdings to the cusp of controlling 5% of ETH’s circulating supply.
On-chain sleuths at Lookonchain reported that Bitmine bought 40,000 ETH on Tuesday via two addresses. Arkham Intelligence traced those transactions to hot wallets operated by crypto custodians FalconX and Kraken — a buy Tom Lee highlighted on Twitter. The company itself hasn’t publicly confirmed the latest purchase, but it has continued its regular weekly disclosures of Ethereum accumulation.
What we know
- The 40,000 ETH purchase (about $71.6M at the time) follows Bitmine’s Monday disclosure that it bought 42,197 ETH between June 29 and July 3. That brings the company’s total Ethereum holdings to 5,742,237 ETH, roughly 4.8% of circulating supply — very near its stated 5% target.
- Bitmine’s treasury (crypto + cash) was valued at $11.1 billion as of June 28.
- About 4,879,157 ETH — roughly 85% of its Ether — has been delegated to staking through MAVAN (the Made in America Validator Network). Earlier filings estimated these staked assets could generate roughly $235 million a year in staking rewards, signaling Bitmine’s focus on recurring on-chain income as well as accumulation.
Market context and company outlook
- Ethereum traded around $1,752 at the time of reporting, well below its $4,950 all-time high from last August. Despite the recent accumulation, that price environment underscores the large disparity between market value and Bitmine’s targeted holdings.
- Bitmine chairman Tom Lee has reiterated a bullish long-term view on Ethereum, pointing to growing real-world use cases — including a Layer 2 handling USDC payments for Shopify and Visa — and to evolving regulatory dynamics (he referenced rising market odds on Polymarket that the Clarity Act might pass) that could support the ecosystem.
Share performance and near-term catalysts
- Bitmine’s stock fell 4.8% on Tuesday to close at $14.80. The dip came days after the firm was added to the Russell 1000 Index on June 26, a move Lee said could broaden institutional investor interest.
- The company will report Q2 (April–June 2026) results on July 29; Wall Street estimates cited by Bitmine put expected quarterly revenue at about $45 million.
This article was updated to include a chart showing Bitmine’s share-price movement over the past day.
Why it matters
Bitmine’s steady accumulation and large, staked position make it a growing force in Ethereum’s supply dynamics and a notable business case for institutional staking income. Watch for its July 29 earnings report and any further on-chain disclosures to gauge how close it ultimately comes to that 5% threshold.
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