Bitmine has expanded its Ethereum treasury again. Blockchain analytics platform Lookonchain said the company bought 40,000 ETH on Tuesday through two wallet addresses, a purchase valued at about $70 million at the time of reporting, bringing its holdings closer to 5% of Ethereum’s circulating supply.
Arkham Intelligence traced the transactions to hot wallets operated by FalconX and Kraken. Bitmine has not publicly confirmed the latest buy, but the company has kept publishing weekly updates on its Ethereum accumulation, and the new on-chain activity fits that pattern.
Previous disclosure put holdings at about 4.8% of supply
On Monday, Bitmine said it purchased 42,197 ETH between June 29 and July 3, lifting its Ethereum treasury to 5,742,237 ETH. The company said that amount represented roughly 4.8% of Ethereum’s circulating supply, leaving it close to its stated goal of controlling 5% of the network’s supply.
In its latest treasury update, Bitmine said it held crypto assets and cash worth $11.1 billion as of June 28. Of its Ethereum reserves, 4,879,157 ETH, or about 85%, had been delegated to staking through MAVAN, short for Made in America Validator Network. That detail matters. The treasury is being used to generate on-chain income, not just held on the balance sheet.
Earlier company disclosures estimated that the staked ETH could generate about $235 million in annual staking rewards. The strategy is clear from the numbers: treasury expansion and recurring staking yield are moving in parallel.
Tom Lee highlights Ethereum adoption and regulation
Bitmine Chairman Tom Lee has kept a constructive long-term view on Ethereum. He said practical usage of the network continues to expand, pointing to a Layer 2 network handling USDC payments for Shopify and Visa as an example of rising real-world adoption.
Lee also cited Polymarket, where the probability of the Clarity Act passing this year has moved higher. In his view, that shift in regulatory expectations could add support to the Ethereum ecosystem.
Even with the latest purchase circulating in the market, Bitmine shares fell 4.8% on Tuesday to close at $14.80. The drop came only days after the company entered the Russell 1000 Index on June 26, a development Lee had previously said could widen the company’s institutional shareholder base.
Quarterly results are due on July 29
Bitmine is scheduled to report financial results for the April to 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.
At the time of reporting, Ethereum was trading around $1,752, still well below its $4,950 all-time high reached last August. Even at those levels, Bitmine has kept adding to its position, as shown by both company disclosures and the latest on-chain data.