Bitmine expands its Ethereum treasury again
Bitmine Immersion Technologies has purchased an additional 20,500 ETH through Galaxy Digital in a deal worth about $35.92 million. After the transaction, the company’s total Ethereum holdings climbed to roughly 5.7 million ETH, with an estimated market value nearing $10 billion. Based on the reported circulating supply of 120.7 million ETH, Bitmine now controls about 4.7% to 4.8% of Ethereum in circulation.
The company has already stated its near-term objective clearly: reach 5% of Ethereum’s total supply. While this latest purchase is smaller than some of its earlier buys, it keeps Bitmine on a steady path toward that threshold and reinforces the consistency of its accumulation strategy.
A corporate ETH treasury model takes shape
Tom Lee, chairman of Bitmine and co-founder of Fundstrat, has framed the firm’s Ethereum strategy as comparable to the corporate Bitcoin treasury approach seen in public markets. The idea is to treat ETH as a long-term balance sheet asset rather than a short-term trading position, echoing how companies such as MicroStrategy built large Bitcoin exposure.
According to the source material, Bitmine accelerated ETH accumulation from mid-2025 and continued throughout 2026. Earlier transactions included a purchase of 42,197 ETH for about $76 million, as well as another deal involving 60,976 ETH. Against that backdrop, the newest 20,500 ETH tranche is smaller, but strategically important because it raises the company’s share of circulating supply.
Supply share matters more than perfect timing
Bitmine’s buying pattern suggests the company is prioritizing ownership percentage over market timing. The report notes that the firm continued to accumulate ETH while the asset traded in a broad range of roughly $1,700 to $2,200 during the year. That behavior points to a treasury-style strategy focused on long-term positioning rather than trying to buy only at cyclical lows.
This matters because it signals a different investment mindset from speculative accumulation. Bitmine appears to be building a structural allocation to Ethereum, aiming to secure a meaningful portion of the network’s liquid supply over time.
Ethereum’s supply dynamics support the thesis
Ethereum does not have Bitcoin’s fixed maximum supply, but its issuance has become more restrained under the network’s current design. Following The Merge, Ethereum moved to proof-of-stake, reducing the pace of new ETH entering circulation. In addition, EIP-1559 introduced a fee-burning mechanism that removes part of transaction fees from supply, helping limit inflationary pressure.
Within that framework, Bitmine’s decision to hold about 5.7 million ETH in a corporate wallet highlights a long-term conviction in Ethereum’s economic structure. Even though ETH and BTC differ in monetary design and network function, corporate treasury interest in Ethereum appears to be broadening.
Markets also watch key ETH and BTC levels
The article also pointed to technical levels for both major assets. Ethereum was reported trading above its 20-day moving average of $1,759 and 50-day moving average of $1,747, but still below its 200-day moving average of $2,240. The Ichimoku Kijun indicator placed support near $1,773. Meanwhile, the RSI at 56.97 suggested a slight edge for buyers, while MACD appeared weaker and ADX remained neutral, indicating no decisive trend.
On the Bitcoin side, BTC rebounded above $64,000 as US equities recovered after the Wall Street open, marking an intraday gain of about 5%. CoinGlass data showed roughly $100 million in short liquidations over 24 hours. In derivatives markets, open interest on Deribit for $80,000 strike Bitcoin options has surpassed $1.21 billion, underscoring strong attention on higher price zones and the potential for increased volatility.