Bitmine purchased $70 million worth of Ethereum on Tuesday, continuing to expand the world's largest corporate ETH treasury. According to blockchain analytics platform Lookonchain, the company acquired 40,000 ETH across two wallet addresses, with funds transferred from hot wallets on FalconX and Kraken per Arkham Intelligence data. The purchase follows Bitmine's Monday disclosure revealing it acquired 42,197 ETH last week, lifting total holdings to 5.74 million tokens — approximately 4.8% of Ethereum's circulating supply.
Lookonchain Reports 40,000 ETH Acquisition Across Two Wallets
Blockchain analytics platform Lookonchain identified the Tuesday transaction, showing Bitmine acquired 40,000 ETH across two wallet addresses. Arkham Intelligence data cited in the report indicates the funds were transferred from hot wallets on FalconX and Kraken. While Bitmine has not officially confirmed the Tuesday purchase, the company has been making weekly disclosures about its Ethereum accumulation strategy.
Bitmine Discloses 5.74 Million ETH Holdings as of Monday
On Monday, Bitmine revealed it acquired 42,197 ETH last week, bringing total holdings to 5.74 million tokens. This represents roughly 4.8% of Ethereum's circulating supply, approaching Bitmine's stated 5% target. According to the latest disclosure, the company held total crypto and cash worth $11.1 billion as of June 28.
Company Stakes 4.88 Million ETH Through MAVAN Network
Bitmine is staking 4,879,157 ETH through MAVAN, its Made in America Validator Network. This staked amount represents approximately 85% of the company's total ether holdings. The staking operation forms a core component of Bitmine's Ethereum treasury strategy.
Ethereum Trades at $1,752 Below August All-Time High
Ethereum is currently trading at $1,752, well below its all-time high of $4,950 recorded last August. The current price represents a decline from the token's peak valuation reached in 2025.
Tom Lee Cites Layer 2 Utility and Clarity Act Prospects
Bitmine Chairman Tom Lee expressed long-term optimism about Ethereum's trajectory. Lee noted that Ethereum's real-world utility is expanding, highlighted by a Layer 2 network processing USDC transactions for Shopify and Visa. Lee also pointed out that the odds of the Clarity Act passing this year are rising on the prediction market Polymarket.
BMNR Shares Close at $14.80 Following Russell 1000 Addition
Bitmine (BMNR) shares fell 4.8% on Tuesday to close at $14.80. The company was added to the Russell 1000 Index on June 26, a milestone Lee expects to broaden its institutional shareholder base.
FAQ
How much Ethereum did Bitmine purchase on Tuesday?
According to blockchain analytics platform Lookonchain, Bitmine purchased 40,000 ETH worth $70 million on Tuesday across two wallet addresses, with funds transferred from FalconX and Kraken hot wallets.
What is Bitmine's total Ethereum holding as of Monday's disclosure?
Bitmine disclosed on Monday that it holds 5.74 million ETH tokens, representing approximately 4.8% of Ethereum's circulating supply and approaching the company's 5% target.
How much of Bitmine's Ethereum is currently staked?
Bitmine is staking 4,879,157 ETH through its Made in America Validator Network (MAVAN), which represents about 85% of the company's total ether holdings.
