Bitmine was tracked on Tuesday adding another 40,000 ETH, a purchase valued at about $70 million. If the transaction reflects the company’s latest treasury activity, Bitmine is now closing in on its public target of holding 5% of Ethereum’s circulating supply. According to Lookonchain, the transfer involved two wallet addresses that received ETH from hot wallets linked to FalconX and Kraken.
The company has not formally confirmed the purchase. Still, the transaction matches Bitmine’s recent pattern of aggressive ETH accumulation. One day earlier, Bitmine said it had bought 42,197 ETH over the prior week, lifting total holdings to 5.74 million ETH. That stash represents about 4.8% of Ethereum’s circulating supply based on the figures cited in the report.
Most of the treasury is already staked
Bitmine’s strategy is not limited to holding spot ETH on its balance sheet. Its latest treasury disclosure showed that 4,879,157 ETH has been staked through the Made in America Validator Network, or MAVAN. That equals nearly 85% of the company’s total Ethereum position.
By keeping most of its ETH in staking, Bitmine is collecting staking rewards while maintaining a large long-term treasury allocation. The source report described the company as the world’s largest corporate holder of Ethereum.
$11.1 billion in assets and cash on hand
Bitmine also reported about $11.1 billion in combined crypto assets and cash reserves as of June 28. The size of that balance sheet shows how large its digital asset strategy has become and helps explain its standing among institutional Ethereum holders.
At the time cited in the report, Ethereum was trading around $1,752, still well below its previous high of $4,950 recorded last August. Bitmine Chairman Tom Lee said he remains confident in Ethereum’s long-term use cases as more businesses adopt Ethereum-based infrastructure across payments and financial services.
Lee pointed to a Layer 2 network handling USDC payments for Shopify and Visa as one example. He also said prediction market Polymarket had raised the probability that the Clarity Act becomes law this year.
Russell 1000 entry comes as shares fall 4.8%
Even as Bitmine expanded its ETH treasury, the company’s stock fell 4.8% on Tuesday and closed at $14.80. At the same time, Bitmine recently joined the Russell 1000 Index, with the inclusion taking effect on June 26.
Tom Lee said the index inclusion could widen Bitmine’s institutional shareholder base and bring in more investor participation over time. The latest ETH purchase, the large staking allocation, and the Russell 1000 addition all show the same direction: Bitmine is scaling its Ethereum treasury strategy while moving closer to its stated supply target.