Bitmine Adds $70M in Ethereum as Treasury Strategy Nears 5% Supply Target

• Bitmine purchased 40,000 Ethereum worth $70 million, pushing holdings near 5% of the circulating supply through a steady treasury accumulation overall strategy.
• Most holdings remain staked through MAVAN, while Bitmine reported $11.1 billion in crypto assets and cash reserves combined, recently disclosed.
• Tom Lee highlighted Ethereum’s growing utility as Bitmine joined the Russell 1000 despite shares falling 4.8% during the Tuesday trading session.

Bitmine purchased another 40,000 Ethereum worth approximately $70 million on Tuesday, bringing the company closer to its goal of holding 5% of Ethereum’s circulating supply. According to Lookonchain, the transaction involved two wallet addresses that received ETH transferred from hot wallets linked to FalconX and Kraken. Although Bitmine has not officially confirmed the purchase, the reported transaction matches the company’s recent treasury activity.

The reported acquisition came one day after Bitmine disclosed another sizeable addition to its Ethereum reserves. The company announced on Monday that it purchased 42,197 ETH during the previous week, raising its total holdings to 5.74 million ETH.

Those holdings represent roughly 4.8% of Ethereum’s circulating supply. As a result, Bitmine has moved within reach of its publicly stated objective of controlling 5% of the total ETH supply. Rather than slowing its buying activity during weaker market conditions, the company has steadily expanded its Ethereum treasury. That approach has positioned Bitmine as the world’s largest corporate holder of Ethereum.

Also Read: Tether Invests $20M in Mercado Bitcoin to Expand Onchain Finance in Latin America

Bitmine Expands Staking Alongside Treasury Growth

Besides increasing its holdings, Bitmine has allocated most of its Ethereum to staking. Its latest treasury disclosure showed that 4,879,157 ETH is staked through the Made in America Validator Network, known as MAVAN. The staked assets account for nearly 85% of the company’s total Ethereum holdings. Additionally, the strategy enables Bitmine to earn staking rewards while maintaining a significant long-term position in the cryptocurrency.

Bitmine also reported holding approximately $11.1 billion in combined crypto assets and cash as of June 28. The sizeable balance sheet highlights the scale of its digital asset strategy and strengthens its standing among institutional Ethereum investors.

Ethereum remains well below its previous record despite growing institutional participation. The cryptocurrency traded around $1,752, considerably lower than its all-time high of $4,950 recorded last August. Bitmine Chairman Tom Lee expressed confidence in Ethereum’s long-term prospects. He pointed to broader commercial adoption as businesses integrate Ethereum-based infrastructure into payment and financial services.

Lee cited a Layer 2 network processing USDC payments for Shopify and Visa as an example of Ethereum’s expanding utility. Moreover, he noted that prediction market Polymarket has increased the probability of the Clarity Act becoming law this year.

Russell 1000 Inclusion Strengthens Institutional Presence

While Bitmine expanded its Ethereum reserves, its shares declined 4.8% on Tuesday, closing the session at $14.80. However, the company recently joined the Russell 1000 Index, marking another milestone in its corporate growth. Lee believes the inclusion, which became effective on June 26, could broaden Bitmine’s institutional shareholder base and increase investor participation over time.

Bitmine’s latest Ethereum purchase reinforces its long-term treasury strategy as the company approaches its 5% ownership target. Alongside its expanding holdings and staking operations, the firm’s recent Russell 1000 inclusion reflects its growing presence among institutional digital asset companies.

Also Read: Bitcoin, XRP, and Solana Lead Crypto Market Decline as Selling Pressure Deepens

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