Bitmine Adds $70 Million In ETH, Nears 5% Of Ethereum Supply

Tom Lee’s Bitmine Immersion Technologies purchased 40,000 ETH worth roughly $70 million on Tuesday, continuing its push to build the world’s largest corporate Ethereum treasury, according to Lookonchain.

Steady Accumulation Continues

The purchase was made across two wallet addresses, with funds sourced from hot wallets on FalconX and Kraken, according to data from Arkham Intelligence. While Bitmine has not officially confirmed the transaction, the company has maintained a pattern of weekly disclosures. On Monday, it reported adding 42,197 ETH over the past week, bringing total holdings to 5.74 million ETH, close to 4.8% of Ethereum’s circulating supply and nearing its 5% target.

Massive Treasury And Staking Position

As of June 28, Bitmine held total crypto and cash reserves worth $11.1 billion. The company is staking nearly 4.9 million ETH, about 85% of its total holdings, through its Made in America Validator Network.

Stock Falls Despite Long-Term Confidence

ETH currently trades around $1,752, well below its all-time high of $4,950 reached last August. Still, Chairman Tom Lee remains optimistic, pointing to growing real-world use cases like a Layer 2 network processing USDC transactions for Shopify and Visa, along with rising odds on Polymarket that the Clarity Act will pass this year. Bitmine shares fell 4.8% on Tuesday to $14.80, despite the company’s recent addition to the Russell 1000 Index.