Bitmine continues to strengthen its position as one of the largest corporate holders of Ethereum, adding another $70 million worth of ETH to its growing treasury. The latest purchase brings the company’s holdings close to its ambitious goal of controlling 5% of Ethereum’s circulating supply, reinforcing its long-term confidence in the world’s second-largest cryptocurrency.
The acquisition comes as institutional interest in Ethereum continues to grow, supported by staking opportunities, expanding real-world adoption, and improving regulatory optimism.
Bitmine adds another 40,000 ETH to its treasury
According to blockchain analytics platform Lookonchain, Bitmine purchased approximately 40,000 ETH on Tuesday, valued at around $70 million.
The transactions were tracked by Arkham Intelligence, which linked the purchases to wallet addresses associated with crypto trading firms FalconX and Kraken.
Although Bitmine has not yet officially confirmed the latest acquisition, the company has consistently released weekly updates detailing its Ethereum accumulation strategy.
The new purchase follows Monday’s treasury report, which revealed that Bitmine acquired 42,197 ETH between June 29 and July 3, increasing its total holdings to 5,742,237 ETH.
Treasury approaches the 5% milestone
Bitmine’s Ethereum reserves now represent approximately 4.8% of Ethereum’s circulating supply, putting the company within reach of its stated objective of owning 5% of all ETH in circulation.
This aggressive accumulation strategy reflects Bitmine’s belief that Ethereum will play an increasingly important role in decentralized finance, payments, and institutional blockchain adoption.
Alongside its Ethereum holdings, the company reported total crypto assets and cash valued at approximately $11.1 billion.
Staking remains a key part of Bitmine’s strategy
Rather than simply holding Ethereum, Bitmine has deployed the majority of its treasury into staking.
According to the company’s latest update:
- 4,879,157 ETH has been delegated to staking.
- Around 85% of its total Ethereum holdings are actively earning validator rewards.
- Staking operations are managed through MAVAN (Made in America Validator Network).
Bitmine previously estimated that its staked Ethereum portfolio could generate approximately $235 million in annual staking rewards, creating a recurring source of on-chain revenue while maintaining long-term exposure to Ethereum.
Tom Lee remains bullish on Ethereum
Bitmine Chairman Tom Lee continues to express confidence in Ethereum’s long-term outlook.
Lee believes Ethereum’s real-world utility is expanding rapidly, highlighting the growing use of Layer-2 networks that process USDC payments for major companies such as Shopify and Visa.
He also pointed to improving regulatory sentiment in the United States. According to Lee, increasing expectations surrounding the potential passage of the CLARITY Act could provide additional support for Ethereum and the broader digital asset ecosystem.
As institutional adoption grows, Lee expects Ethereum to play an increasingly important role in financial infrastructure.
Bitmine shares decline despite continued accumulation
Despite the positive news surrounding its Ethereum purchases, Bitmine’s stock failed to rally.
The company’s shares fell approximately 4.8% on Tuesday, closing at $14.80.
The decline came only days after Bitmine joined the Russell 1000 Index, a milestone that Lee previously said could attract a larger pool of institutional investors and passive investment funds.
Market participants are now awaiting Bitmine’s next earnings report, scheduled for July 29, covering the April–June 2026 quarter.
Wall Street analysts currently expect quarterly revenue of approximately $45 million.
Institutional Ethereum accumulation continues
Bitmine’s latest purchase highlights a broader trend of growing institutional interest in Ethereum.
Unlike companies that simply hold digital assets as treasury reserves, Bitmine is combining long-term accumulation with staking to generate ongoing yield from its holdings.
As more corporations explore Ethereum-based treasury strategies, investors will be watching whether Bitmine reaches its ambitious goal of controlling 5% of Ethereum’s circulating supply.
Final thoughts
Bitmine’s latest $70 million Ethereum purchase demonstrates the company’s continued commitment to building one of the largest corporate ETH treasuries in the world. With nearly 5.8 million ETH already under management and most of those assets actively staked, the company is positioning itself to benefit from both Ethereum’s long-term price appreciation and recurring staking rewards.
Although its share price has recently faced pressure, Bitmine’s aggressive accumulation strategy reflects growing institutional confidence in Ethereum’s expanding role within the digital economy.
