Bitmine Boosts Ethereum Holdings Again

Bitmine Immersion Technologies (NYSE: $BMNR), chaired by Fundstrat's Tom Lee, has purchased another 20,500 $ETH worth approximately $35.9 million from Galaxy Digital, according to onchain data cited by Lookonchain. The transaction is the company's second major Ethereum buy in as many days and adds further momentum to what has become one of the most closely watched corporate accumulation stories in crypto.

Back-to-Back Buys Push Holdings Higher

The latest purchase follows a reported acquisition of 40,000 ETH on July 8, executed through FalconX and Kraken. Combined, the two transactions total roughly 60,500 ETH acquired within days. As of July 5, 2026, Bitmine's holdings stood at 5,742,237 ETH, representing approximately 4.8% of the total ETH supply of 120.7 million tokens. The latest buys reported on July 10 would push that figure higher still, bringing the company closer to its stated target.

The "Alchemy of 5%" and What's at Stake

Guided by its philosophy of "the alchemy of 5%," Bitmine is committed to ETH as its primary treasury reserve asset, leveraging native protocol-level activities including staking and decentralised finance mechanisms. A 3.5 million share 9.50% Series A Perpetual Preferred (BMNP) deal raised about $273.8 million to fund additional digital assets, validator growth, and strategic ETH-ecosystem investments.

Chairman Thomas Lee attributed Ethereum's recent outperformance of Bitcoin and Bitmine's continued accumulation to rising investor optimism that the proposed Clarity Act will pass and bring greater regulatory certainty to crypto, especially Ethereum. Lee also believes Ethereum is undervalued, citing tokenization and rising demand from artificial intelligence applications as long-term catalysts.

Annualized staking revenues are projected at $235 million, with 4.9 million ETH representing 85% of the 5.74 million ETH held by Bitmine. Bitmine's crypto holdings rank it as the number one Ethereum treasury and number two global treasury, behind Strategy Inc. (NASDAQ: MSTR).

Sources:
Bitmine official press release via PR Newswire, July 6, 2026
CoinDesk: Bitmine adds $74 million in Ether as Tom Lee bets on Clarity Act boost
Yahoo Finance: Bitmine Purchases Another $74 Million of Ethereum