Bitmine buys another $70M in ETH as treasury nears 5% of supply

This article has been updated to include a chart showing Bitmine’s share price performance over the past day.

Bitmine has increased its Ethereum treasury with another $70 million purchase, taking its holdings to nearly 5% of the token’s circulating supply.

According to blockchain analytics platform Lookonchain, Bitmine acquired 40,000 ETH on Tuesday through two wallet addresses in transactions traced by Arkham Intelligence to hot wallets operated by FalconX and Kraken.

While the company has not publicly confirmed the latest purchase, it has continued releasing weekly updates on its Ethereum accumulation.

The latest on-chain activity follows Bitmine’s disclosure on Monday that it bought 42,197 ETH between June 29 and July 3, raising its treasury to 5,742,237 ETH. 

The company said those holdings account for about 4.8% of Ethereum’s circulating supply, leaving it close to its stated target of controlling 5% of the network’s supply.

Ethereum treasury continues to grow

As outlined in Bitmine’s latest treasury update, the company held crypto assets and cash valued at $11.1 billion as of June 28. Of its Ethereum reserves, 4,879,157 ETH, or roughly 85%, has been delegated to staking through MAVAN, its Made in America Validator Network.

Earlier company disclosures also estimated that the staked holdings could generate about $235 million in annual staking rewards, underscoring Bitmine’s focus on producing recurring on-chain income alongside expanding its treasury.

Even with continued buying by the company, Ethereum traded around $1,752 at the time of reporting, remaining well below its all-time high of $4,950 reached last August.

Tom Lee points to Ethereum adoption

Bitmine Chairman Tom Lee has maintained a positive long-term view on Ethereum. Lee said the asset’s practical use continues to grow, citing a Layer 2 network handling USDC payments for Shopify and Visa as an example of increasing real-world adoption.

Lee also pointed to prediction market Polymarket, where the probability of the Clarity Act passing this year has increased, suggesting that regulatory developments could provide additional support for the Ethereum ecosystem.

Even with news of the latest purchase already making rounds, Bitmine were down 4.8% on Tuesday to close at $14.80. The decline came days after the company joined the Russell 1000 Index on June 26, a milestone that Lee previously said could attract a larger base of institutional shareholders.

Bitmine is also scheduled to report its financial results for the April through June 2026 quarter on July 29. According to Wall Street estimates cited in the company’s earlier update, analysts expect quarterly revenue of about $45 million.