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ETH Bitmine purchased 40,000 Ethereum pieces worth US$70 million, and its position is close to 5% of the circulating supply.
Bitmine purchased 40,000 Ethereum pieces worth US$70 million through continuous overall treasury accumulation strategy, making its position close to 5% of the circulating supply. Most of its positions are pledged through MAVAN, while Bitmine recently disclosed that its crypto assets and cash reserves totaled US$11.1 billion.
Tom Lee highlighted the growing utility of Ethereum, while Bitmine has entered the Russell 1000 Index despite its share price falling 4.8% in Tuesday trading.
Bitmine spent approximately US$70 million to purchase another 40,000 Ethereum units
On Tuesday, Bitmine purchased another 40,000 Ethereum units worth approximately US$70 million, bringing it closer to its goal of holding 5% of Ethereum\'s circulating supply. According to Lookonchain, the transaction involved two wallet addresses, and the ETH received came from hot wallets associated with FalconX and Kraken. Although Bitmine has not officially confirmed the purchase, the reported transaction is consistent with its recent treasury activity.
The disclosed acquisition occurred the day before after Bitmine announced another round of large-scale increases in Ethereum reserves. The company announced on Monday that it purchased 42,197 ETH units last week, raising its total position to 5.74 million ETH units. These positions account for approximately 4.8% of Ethereum\'s circulating supply. As a result, Bitmine is close to its publicly stated goal of controlling 5% of total ETH supply. During the weak market period, the company did not slow down the pace of purchases, but steadily expanded its Ethereum treasury. This strategy has made Bitmine the world\'s largest corporate holder of Ethereum.
Bitmine expands its pledge business while expanding its treasury
In addition to increasing its holdings, Bitmine also uses most of Ethereum for pledge. Its latest treasury disclosure shows that 4,879,157 ETH pieces were pledged through the American Manufacturing Verifier Network (MAVAN). Pledged assets account for nearly 85% of the company\'s total positions in Ethereum. In addition, this strategy allows Bitmine to receive pledge rewards while maintaining long-term positions in cryptocurrencies. Bitmine also reported that as of June 28, its total crypto assets and cash holdings were approximately US$11.1 billion. This large balance sheet highlights the scale of its digital asset strategy and consolidates its position among Ethereum institutional investors.
Despite growing institutional participation, Ethereum prices are still well below previous highs. The cryptocurrency is trading at approximately US$1,752, a sharp drop from the all-time high of US$4,950 set in August last year. Bitmine Chairman Tom Lee expressed confidence in Ethereum\'s long-term prospects. He pointed out that as companies integrate Ethereum infrastructure into payments and financial services, its commercial applications are expanding. As an example, Lee cited a Layer 2 network that processes USDC payments for Shopify and Visa as a reflection of Ethereum\'s expanding usefulness. In addition, he pointed out that prediction markets Polymarket has increased the likelihood that the Clarification Act will become law this year.
Russell 1000 Index includes enhanced institutional influence
As Bitmine expanded its Ethereum reserves, its shares fell 4.8% on Tuesday to close at $14.80. However, the company\'s recent inclusion in the Russell 1000 Index marks another milestone in its corporate development. Lee believes that the inclusion, which takes effect on June 26, is expected to expand Bitmine\'s institutional shareholder base and increase investor engagement over time. Bitmine\'s latest Ethereum purchase strengthens its long-term treasury strategy, as the company is approaching its 5% target. In addition to its growing position and pledge business, the company\'s recent inclusion in the Russell 1000 Index also reflects its growing importance among institutional digital asset companies.
