TLDR
- Bitmine bought 20,500 ETH from Galaxy Digital in an OTC deal worth about $36M.
- The latest purchase raised Bitmine’s Ethereum treasury to about 5.7M ETH.
- Bitmine now controls around 4.7% to 4.8% of Ethereum’s circulating supply.
- Tom Lee’s Bitmine is using a corporate treasury strategy similar to Strategy’s Bitcoin model.
- Bitmine’s ETH-heavy balance sheet gives BMNR investors direct exposure to Ethereum price swings.
Bitmine Immersion Technologies bought another 20,500 ETH from Galaxy Digital for about $36 million, pushing its Ethereum treasury closer to the company’s stated goal of holding 5% of total circulating supply.
Bitmine Expands Ethereum Treasury
The over-the-counter transaction took place around July 10, 2026, at an average price of about $1,752 per ETH. The deal raised Bitmine’s total Ethereum holdings to about 5.7 million ETH, worth roughly $10 billion at recent prices.
Bitmine now controls about 4.7% to 4.8% of Ethereum’s circulating supply, estimated near 120.7 million tokens. The company’s stated target is 5%, making the latest purchase part of a broader accumulation plan rather than a one-off trade.
It seems that Tom Lee(@fundstrat)’s #Bitmine bought another 20,500 $ETH($35.92M) from #GalaxyDigital 6 hours ago.https://t.co/sAi8OkSrhWhttps://t.co/i1k67fqVRD pic.twitter.com/gn5jNfCmpK
— Lookonchain (@lookonchain) July 10, 2026
Galaxy Digital has acted as the OTC counterparty for several Bitmine purchases. OTC trading allows large buyers to acquire tokens away from public order books, which can reduce immediate price movement compared with exchange-based buying.
Bitmine Chairman Tom Lee has described the strategy as similar to the Bitcoin treasury model used by Strategy, formerly MicroStrategy. His firm is applying that approach to Ethereum, using corporate balance sheet exposure as a long-term investment structure.
Ethereum Holdings Create Direct Price Exposure
Bitmine began building its Ethereum position in mid-2025 and continued buying through 2026. Earlier purchases included 42,197 ETH for about $76 million and another acquisition of 60,976 ETH.
The company’s buying has continued while ETH traded mostly between $1,700 and $2,200 in 2026. That pattern suggests Bitmine is focused on supply share rather than trying to time short-term price levels.
Lee has linked the company’s Ethereum thesis to what he called a “crypto spring,” referring to a possible period of wider institutional adoption. That view remains a company thesis, not a guaranteed market outcome.
A large Ethereum treasury also brings balance sheet risk. If ETH trades lower, Bitmine’s reported asset value would fall directly, making BMNR shares closely tied to Ethereum price movements.
ETH Holds $1,750 as Wallet Moves Draw Attention
Ethereum was holding above the $1,750 level after the Bitmine purchase. Market watchers said spot demand had started to improve, with some traders pointing to a possible move toward the $1,850 to $1,900 range if buying continues.
$ETH is holding above the $1,750 level, which is a good sign.
Spot demand is picking up a bit, which could push Ethereum towards the $1,850-$1,900 zone in the coming weeks. pic.twitter.com/A2eBbJbXVj
— Ted (@TedPillows) July 10, 2026
On-chain attention also rose after Arkham said Ethereum co-founder Vitalik Buterin sent about $1.6 million to a new wallet.
Arkham asked, “Is he planning something?” though wallet transfers alone do not confirm a sale, purchase or planned market action.
