Bitmine, the Ethereum-focused treasury company headed by Tom Lee, continues to grow its institutional ETH holdings. According to on-chain data analyst Lookonchain, the company purchased 40,000 Ethereum, worth approximately $70 million. This purchase is considered the latest step in Bitmine’s strategy to further expand the world’s largest institutional Ethereum treasury.
According to Lookonchain data, the 40,000 ETH purchase was made through two different wallet addresses. An analysis based on Arkham Intelligence data indicates that the funds were transferred from FalconX and Kraken’s hot wallets. While Bitmine has not yet officially confirmed this latest purchase, it is known that the company has been regularly accumulating Ethereum in recent months and publishing weekly updates.
Bitmine announced on Monday that it had purchased 42,197 ETH the previous week, bringing its total Ethereum holdings to 5.74 million ETH. This amount represents approximately 4.8% of the total circulating Ethereum supply, just below the company’s 5% target. According to the same announcement, as of June 28th, Bitmine’s total crypto assets and cash position were valued at $11.1 billion.
The company also continues to stake a large portion of its Ethereum holdings. According to the latest announcement, 4,879,157 ETH are currently staked on the MAVAN network, which the company calls the “Made in America Validator Network”.
This indicates that approximately 85% of Bitmine’s total ETH holdings are being used to generate passive income. Chairman Tom Lee argues that Ethereum’s real-world use cases are expanding, and that enabling USDC transactions for giants like Shopify and Visa over layer-2 networks is positive for the long-term outlook.
In contrast, Bitmine shares closed Tuesday down 4.8% at $14.80. Analysts note that the company’s aggressive ETH accumulation strategy could increase institutional investor interest, but this could also lead to short-term volatility in share performance.
*This is not investment advice.
