Blockchain analytics platform Lookonchain reported Tuesday that Bitmine acquired 40,000 Ether across two wallet addresses. Arkham Intelligence data cited in the Lookonchain post traced the funds to hot wallets operated by FalconX and Kraken. The company has not officially confirmed the purchase, though it has maintained a pattern of weekly treasury disclosures throughout 2026.
On Monday, Bitmine disclosed it had bought 42,197 ETH between June 29 and July 3. That transaction raised total holdings to 5,742,237 ETH. At Ethereum's price near $1,752 on Tuesday, the 40,000-ETH acquisition reported on-chain would be valued at roughly $70 million.
Tom Lee(@fundstrat)'s #Bitmine bought another 40,000 $ETH($71.6M) from #FalconX and #Kraken 11 hours ago.https://t.co/sHMfyAQlqNhttps://t.co/aXRJntgZlP pic.twitter.com/ClIjRIwwKx
— Lookonchain (@lookonchain) July 8, 2026
Holdings put Bitmine within reach of its 5% supply target
The Monday disclosure placed Bitmine's Ethereum treasury at approximately 4.8% of the asset's circulating supply. The company has a stated target of controlling 5% of the network's total supply, and Tuesday's on-chain data, if the company confirms it, would put the treasury closer to that level.
As of June 28, Bitmine held total crypto assets and cash valued at $11.1 billion. Of its Ethereum reserves, 4,879,157 ETH, roughly 85% of total holdings, has been delegated to staking through MAVAN, the company's Made in America Validator Network. Earlier company disclosures projected the staked position could generate approximately $235 million in annual staking rewards, a figure Bitmine has cited alongside raw treasury size in its public updates. Data from strategicethreserve.xyz has listed Bitmine as the largest corporate Ethereum treasury.
The cost of accumulation at current Ethereum prices
The scale of Bitmine's position has come with significant paper losses. When the company held approximately 3.7 million ETH at an earlier stage of its campaign, it reported an average purchase price of $3,008 per token. Ethereum now trades near $1,752, well below that average cost basis and well below the token's all-time high of $4,950 reached last August.
Despite that gap, the company has continued to add to its holdings. Its consecutive weekly disclosures in late June and early July documented active accumulation at price levels substantially below the reported average cost. No pause in that strategy has been announced. The MAVAN staking program has added a recurring income component to a model that otherwise carries a substantial paper loss on its core asset at current market prices.
Tom Lee points to Layer 2 adoption and regulatory signals
Bitmine Chairman Tom Lee has maintained a positive long-term view on Ethereum despite the price environment. Lee cited a Layer 2 network that processes USDC payments for Shopify and Visa as evidence that the asset's real-world utility continues to expand beyond speculative use. He also pointed to prediction market Polymarket, where the probability of the Clarity Act passing this year has risen, as a potential regulatory development that could provide structural support for the Ethereum ecosystem.
The Clarity Act reference holds particular weight because regulatory uncertainty has been one of the factors cited in broader digital asset market pressure. Polymarket tracks collective market expectations about legislative timelines, and a sustained shift in probability toward passage would have implications for how institutional capital approaches Ethereum.
Stock fell 4.8% on Tuesday as earnings date nears
Bitmine shares dropped 4.8% on Tuesday to close at $14.80, even as the latest on-chain purchase data circulated, according to Google Finance data. The decline came less than two weeks after the company joined the Russell 1000 Index on June 26. Lee had previously said the index inclusion could draw a broader base of institutional shareholders to the stock.
The company is scheduled to report financial results for the April through June 2026 quarter on July 29. The report will cover the quarter in which Bitmine's MAVAN staking program was substantially active and the most recent rounds of accumulation occurred.
Roman Zaika
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