By Danny Park

Bitmine purchased $70 million worth of Ethereum on Tuesday, continuing to expand the world's largest corporate ETH treasury.

According to blockchain analytics platform Lookonchain, Bitmine acquired 40,000 ETH on Tuesday across two wallet addresses. Arkham Intelligence data cited in the post shows the funds were transferred from hot wallets on FalconX and Kraken.

While Bitmine has not officially confirmed the purchase, the company has been steadily accumulating Ethereum and making weekly disclosures. On Monday, Bitmine revealed that it acquired 42,197 ETH last week, lifting its holdings to 5.74 million tokens. This is roughly 4.8% of Ethereum's circulating supply, close to Bitmine's 5% target.

According to the latest disclosure, the company held total crypto and cash worth $11.1 billion as of June 28. The company is also staking 4,879,157 ETH through MAVAN, its Made in America Validator Network, representing about 85% of its total ether holdings.

Long-term optimism

While the Ethereum treasury firm continues expanding its holdings, the token is trading at $1,752 — well below its all-time high of $4,950 recorded last August. 

Still, Bitmine Chairman Tom Lee expressed long-term optimism, noting that Ethereum's real-world utility is expanding, highlighted by a Layer 2 network processing USDC transactions for Shopify and Visa. Lee also pointed out that the odds of the Clarity Act passing this year are rising on the prediction market Polymarket.

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Meanwhile, Bitmine shares fell 4.8% on Tuesday to close at $14.80. The company was added to the Russell 1000 Index on June 26, a milestone Lee expects to broaden its institutional shareholder base.

Source: Theblock