Blockchain analytics firms Lookonchain and Arkham Intelligence tracked the acquisition of 40,000 ETH on Tuesday, routed through exchanges FalconX and Kraken. This latest buy follows a disclosure earlier this week that the firm had already accumulated over 5.7 million ETH by July 3. The company currently holds assets and cash valued at approximately $11.1 billion, with roughly 85% of its Ethereum reserves actively staked through its proprietary Made in America Validator Network (MAVAN).
In section Cryptocurrency
Bitmine Nears 5% Ethereum Supply Milestone with $70M Acquisition
Bitmine has expanded its massive Ethereum holdings with a fresh $70 million purchase, bringing its total treasury to nearly 5% of the token’s entire circulating supply. The move underscores the company's aggressive strategy to dominate the network’s staking ecosystem despite recent volatility in its own share price.
Chairman Tom Lee continues to champion the network, citing increased real-world utility—such as Layer 2 payment processing for Shopify and Visa—as evidence of long-term value. While the company aims for a 5% supply threshold, the market response has remained muted; Bitmine shares fell 4.8% to $14.80 on Tuesday. Investors are now looking toward the company’s July 29 quarterly earnings report, where analysts anticipate revenue of roughly $45 million.
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