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Following
ETH Bitmine once again purchased US$70 million worth of Ethereum, with a position close to 5% of the circulating supply.
According to data from blockchain analysis platform Lookonchain, Bitmine completed the acquisition of 40000 Ethereum units through two wallet addresses on Tuesday. On-chain tracking showed that these transactions were conducted through hot money packages from FalconX and Kraken.
Although the company has not publicly confirmed the acquisition, it has continued to release weekly updates on Ethereum\'s positions. On Monday, Bitmine disclosed that it had purchased 42197 Ethereum units between June 29 and July 3, bringing its total position to 5742237 units.
The company said these positions account for approximately 4.8% of Ethereum\'s circulating supply, which is close to its previously announced goal of controlling 5% of total network supply.
Ethereum reserves continue to grow
According to Bitmine\'s latest financial report, as of June 28, the total value of crypto assets and cash held by the company was approximately US$11.1 billion. Among them, 4879157 of Ethereum\'s reserves (approximately 85% of the total) have been pledged through its \"Made in America Verifier Network.\"
The company\'s earlier disclosure estimated that the pledge portion could generate approximately US$235 million in annual rewards, highlighting that Bitmine is also focusing on obtaining sustained chain benefits while expanding its reserves.
Despite the company\'s continued buying, Ethereum was trading at approximately US$1752 as of press time, still well below the all-time high of US$4950 set in August last year.
Tom Lee is optimistic about the widespread use of Ethereum
Bitmine Chairman Tom Lee remains long-term optimistic about Ethereum. He pointed out that the actual use of the asset is expanding, and cited the Layer 2 network\'s processing of USDC payments from Shopify and Visa as an example to illustrate that its real-world applications are increasing.
Lee also mentioned that the probability of the Transparency Act passing on the market platform Polymarket has increased this year, arguing that regulatory progress may provide additional support to the Ethereum ecosystem.
Although news of the acquisition spread, Bitmine shares fell 4.8% on Tuesday to close at $14.80. The day before, the company was included in the Russell 1000 Index on June 26, a milestone Lee had said could attract more institutional investors.
Bitmine is scheduled to announce its financial results for the quarter from April to June 2026 on July 29. Based on Wall Street forecasts previously cited by the company, analysts expected revenue for the quarter to be approximately $45 million.
