Bitmine has expanded its Ethereum treasury with another major purchase, acquiring approximately 40,000 ETH valued at around $70 million and bringing its total holdings close to 5% of Ethereum’s circulating supply.
According to blockchain analytics platform Arkham Intelligence, the transactions were traced through wallet addresses linked to institutional trading firms FalconX and Kraken. While Bitmine has not officially confirmed the latest acquisition, the company has continued to provide regular updates on its Ethereum accumulation strategy.
The purchase follows Bitmine’s recent disclosure that it acquired 42,197 ETH between June 29 and July 3, increasing its total Ethereum holdings to approximately 5.74 million ETH. The company stated that these holdings represent about 4.8% of Ethereum’s circulating supply, placing it near its publicly stated objective of controlling 5% of the network’s available supply.
Bitmine’s latest treasury update showed that the company held approximately $11.1 billion in crypto assets and cash as of June 28. A significant portion of its Ethereum reserves—around 4.88 million ETH, or roughly 85% of total holdings—has been allocated to staking through its Made in America Validator Network (MAVAN).
The company has previously estimated that its staked Ethereum position could generate approximately $235 million in annual staking rewards, highlighting its strategy of combining long-term asset accumulation with recurring on-chain income generation.
Despite Bitmine’s aggressive buying activity, Ethereum continued to trade well below its historical peak. At the time of reporting, ETH was trading near $1,752, compared with its all-time high of $4,950 recorded in August of the previous year.
Bitmine Chairman Tom Lee remains optimistic about Ethereum’s long-term prospects. Lee has pointed to growing real-world adoption of the network, including Layer 2 solutions supporting USDC payments for major companies such as Shopify and Visa.
Lee has also highlighted improving regulatory prospects for the digital asset industry, including growing expectations surrounding the proposed CLARITY Act, which could provide greater legal certainty for cryptocurrency markets in the United States.
Despite the positive developments, Bitmine’s stock came under pressure. Shares fell 4.8% on Tuesday to close at $14.80, even as investors evaluated the company’s continued Ethereum accumulation strategy. The decline came shortly after Bitmine’s inclusion in the Russell 1000 Index, a milestone that management believes could increase institutional investor participation.
Looking ahead, Bitmine is scheduled to release its financial results for the April–June 2026 quarter on July 29. Wall Street analysts currently expect the company to report quarterly revenue of approximately $45 million.
Bitmine’s latest purchase further reinforces a growing trend among digital asset treasury companies that are accumulating large cryptocurrency reserves while seeking additional returns through staking and other blockchain-based income strategies.
