Bitmine increased its holdings by another 20,500 ETH through Galaxy Digital, and the Ethereum treasu

On July 9, 2026, an on-chain transfer record of 20,500 ETH (worth approximately US$35.92 million) showed that the funds came from Galaxy Digital\'s OTC trading wallet. Blockchain analysts have linked the receiving wallet to Bitmine, but neither Bitmine nor Galaxy Digital has officially confirmed the transaction. The transfer comes after Bitmine disclosed a series of large Ethereum acquisitions in the past two weeks. Institutions often use over-the-counter transactions to conduct large-value cryptocurrency transactions to reduce the impact on public exchange prices. As of press time, Ethereum was trading at US$1,773.56, up 1.97% in the past 24 hours.

According to public blockchain data, on July 9, 2026, at 18:32:23 UTC, a wallet associated with the Galaxy Digital OTC trading desk transferred 20,500 Ethereum (ETH) to the receiving wallet, worth approximately US$35.92 million. Several on-chain analysts pointed out that the receiving wallet is related to Bitmine Immersion Technologies, an Ethereum treasury company chaired by Tom Lee. However, neither Bitmine nor Galaxy Digital has publicly confirmed that the purchase has been completed, so the specific purpose of the transfer has not been confirmed. Blockchain data can reveal the flow of digital assets, but cannot determine the commercial agreements behind these transfers. As a result, analysts often view the movements of large OTC wallets as a signal of potential institutional activity rather than conclusive evidence of acquisitions.

Transfer 20,500 ETH

Bitmine accelerates Ethereum acquisition

Before the latest transfer, Bitmine had made a series of large-scale Ethereum purchases, rapidly expanding its digital asset treasury. Recent Ethereum acquisition records are as follows:

June 29, 2026: Bitmine disclosed the purchase of 27,084 ETH. July 6, 2026: The company announced the purchase of 42,197 ETH. July 8, 2026: Bitmine reported purchasing another 40,000 ETH. July 9, 2026: On-line data shows that another 20,500 ETH has been transferred from Galaxy Digital\'s OTC wallet to wallets that analysts believe are related to Bitmine, but the transaction has not yet been officially confirmed.

According to company disclosures and latest online observations, Bitmine has acquired or associated at least 129,781 ETH in less than two weeks. The transfer on July 9 is still an on-chain observation result and is yet to be confirmed through company documents or treasury updates. The company\'s recent buying activity reflects its aggressive Ethereum treasury strategy-not a single large purchase, but a steady increase in positions through multiple acquisitions in the short term.

Why OTC transfers attract much attention

Cryptocurrency transactions in large institutions are often completed through OTC desks rather than public exchanges. This approach has the following advantages: reducing the impact of large purchases on the market; providing deeper liquidity for institutional-level transactions; allowing buyers and sellers to negotiate pricing privately; and avoiding short-term fluctuations that may arise from exchange order books. Based on these characteristics, blockchain analysts closely monitor transfers from well-known off-site wallets. Although such transfers do not necessarily represent new purchases, they often involve institutional settlement activities for large digital assets.

Ethereum maintains gains amid institutional activity

Ethereum continued to rise after the reported transfer occurred. As of 5:10 pm UTC, ETH was trading at US$1,773.56, up 1.97% in the past 24 hours. The market value of the cryptocurrency reached US$214.03 billion, and the 24-hour trading volume was US$8.16 billion. The circulating supply of Ethereum is 120.68 million ETH, which is consistent with the total supply and has no fixed maximum supply. ETH Chart

Institutional needs have become one of the key themes affecting the Ethereum market in 2026. The allocation of corporate treasury, the inflow of ETF-related funds, and the widespread use of over-the-counter trading desks have all attracted attention to large-scale on-chain transactions.

Focus on future treasury disclosures

Although the latest wallet transfers have attracted widespread attention in the cryptocurrency market, they should currently be treated as unconfirmed institutional transactions rather than officially reported purchases. Investors may look to Bitmine\'s next treasury update or regulatory filings to determine whether the 20,500 ETH transfer is included in the company\'s reported Ethereum positions. Previously, the deal highlighted blockchain\'s transparency: market participants can monitor potential institutional activity in real time, even if the company has not yet released official disclosures.