Tom Lee’s BitMine Buys Another 20,500 Ethereum Worth $35.9M

Highlights:

• Tom Lee’s BitMine has purchased 20,500 ETH tokens valued at approximately $35.9 million from Galaxy Digital.
• The purchase comes a few days after the company added 40,000 ETH to its crypto treasury.
• Ethereum’s price has spiked slightly as investors’ interest in the asset remains strong.  

BitMine Immersion Technologies, the world’s largest Ethereum (ETH) treasury company, has completed yet another massive ETH acquisition. Lookonchain, a renowned crypto transactions tracker, reported the purchase in an X post on Friday. According to the tweet, the treasury firm purchased 20,500 ETH worth roughly $35.92 million from Galaxy Digital, an institutional-focused digital asset company. 

This purchase comes a few days after the company had completed the purchase of 40,000 ETH, valued at approximately $71.6 million, from two crypto exchanges. For context, BitMine acquired 20,000 ETH valued at approximately $35.92 million. It also purchased 10,000 ETH in two separate trenches from Kraken. Each of these purchases is worth roughly $17.87 million.

Meanwhile, Arkham Intelligence has identified two crypto wallet addresses that are linked to BitMine. The first address holds 968 ETH worth roughly $1.718 million at an average cost of $1,774 per token. The second wallet holds 1,000 ETH valued at approximately $1.77 million. Overall, the two wallets hold 1,968 ETH worth roughly $3.488 million.

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

BitMine Holdings Nears 5% of ETH Circulation

On July 6, BitMine published its weekly report for the week ending July 5. According to the publication, the company holds $11.1 billion in cryptocurrencies, cash, marketable securities, and “moonshot” investments, strengthening its position as one of the biggest publicly traded crypto treasury companies. 

The company’s assets include 5,742,237 ETH, 206 BTC, $527 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $71 million investment in Eightco Holdings. With roughly 5.74 million ETH in BitMine’s treasury, the company now controls about 4.8% of Ethereum’s estimated circulating supply of 120.7 million tokens.  

Tom Lee, the Chairman of BitMine, stated:

“Over the past week, we acquired 42,197 ETH, increasing our pace from the prior week. We continue to maintain a steady pace of accumulation throughout 2026. We believe we are in the early stages of crypto spring. Bitmine is expected to reach the ‘alchemy of 5%’ sometime in 2026.” 

Aside from the purchase, the company announced that it had staked 4,879,157 ETH worth roughly $8.8 billion. The staked tokens represent roughly 85% of BitMine’s entire Ethereum holdings. The company estimates that fully staking its ETH holdings could generate $277 million in annual staking rewards. However, at its current staking level, projected annual staking revenue is about $235 million.

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BitMine provided its latest holdings update for July 6, 2026

$11.1 billion in total crypto + "moonshots":
– 5,742,237 ETH at $1,800 per ETH per ETH (per @coinbase)
– 206 Bitcoin (BTC)
– $180 million stake in Beast Industries @MrBeast
– $71 million stake in Eightco Holdings…

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) July 6, 2026

ETH’s Price Spikes Slightly as Tom Lee’s BitMine and Whales Continue to Accumulate the Asset

At the time of press, Ethereum’s price is up 1.2% in the past 24 hours. It is changing hands at approximately $1,774 with a market cap of about $214.128 billion and a trading volume of $8.09 billion.

In the past week and month, Ethereum’s price appreciated by 3.2% and 8.1%, respectively. However, the asset has dropped 36.5% year-to-date. Coincodex’s data showed that ETH’s supply inflation is extremely low at (-0.03%). Meanwhile, volatility is medium at 4.25%, while sentiment remains neutral. “Fear & Greed Index” continues to point to “Extreme Fear” at 23. 

Despite trading below $2,000, faith in Ethereum has remained strong. Earlier today, Lookonchain reported that a whale with a wallet address labeled “0x2684” purchased 9,882 ETH, worth roughly $17.27 million. In the past ten days, this whale has withdrawn 34,577 ETH valued at about $57.53 million and 250 Wrapped Bitcoin (WBTC) worth roughly $15.66 million from Binance.