Bitmine has expanded its Ethereum holdings with another major purchase, adding approximately 40,000 ETH worth around $70 million and bringing its total treasury close to 5% of Ethereum’s circulating supply.
According to blockchain analytics platform Lookonchain, the latest acquisition took place on Tuesday through two wallet addresses. Data tracked by Arkham Intelligence linked the transactions to hot wallets operated by FalconX and Kraken.
Although Bitmine has not officially confirmed the latest purchase, the company has continued to provide regular updates on its Ethereum accumulation strategy.
Earlier this week, Bitmine reported that it had acquired 42,197 ETH between June 29 and July 3, increasing its holdings to approximately 5.74 million ETH. The company said this represents about 4.8% of Ethereum’s circulating supply, putting it within reach of its goal of controlling 5% of the network’s supply.
Bitmine’s Ethereum treasury remains a central part of its strategy. As of late June, the company reported holding crypto assets and cash valued at roughly $11.1 billion.
A large portion of its Ethereum reserves—about 4.88 million ETH, or 85% of total holdings—has been committed to staking through its Made in America Validator Network (MAVAN). By staking these assets, Bitmine aims to generate recurring income while continuing to expand its Ethereum treasury.
Previous company estimates suggested that these staked holdings could produce approximately $235 million in annual staking rewards, highlighting the importance of staking revenue to the firm’s long-term plans.
Bitmine Chairman Tom Lee remains optimistic about Ethereum’s future. He has pointed to growing real-world adoption of the network, including payment systems and Layer-2 solutions that support transactions for major platforms and businesses.
Lee has also highlighted potential regulatory developments in the United States, arguing that clearer rules for digital assets could further strengthen the Ethereum ecosystem and encourage broader institutional participation.
Despite the continued buying activity, Ethereum was trading around $1,752 at the time of the report, well below its all-time high of approximately $4,950 reached last year.
Bitmine’s stock, however, moved lower on Tuesday, falling 4.8% to close at $14.80. The decline came shortly after the company joined the Russell 1000 Index, a milestone that management believes could help attract more institutional investors.
Investors are now looking ahead to Bitmine’s quarterly earnings report, scheduled for July 29, with analysts expecting revenue of around $45 million for the April-to-June 2026 period.
