- Bitmine reportedly bought another 40,000 ETH.
- The purchase is worth roughly $70 million.
- The company now holds nearly 5% of Ethereum's supply.
- Most of its ETH is actively staked.
Tom Lee's Bitmine has reportedly expanded its Ethereum treasury with another purchase of 40,000 ETH, worth approximately $70 million, according to blockchain analytics platform Lookonchain.
The latest acquisition follows Bitmine's recent disclosure that it now holds 5.74 million ETH—roughly 4.8% of Ethereum's circulating supply—as it works toward its goal of owning 5% of the network's total supply.
According to the company, its crypto and cash holdings were valued at more than $11 billion at the end of June, with around 85% of its Ethereum actively staked through its Made in America Validator Network (MAVAN).
Tom Lee remains bullish on Ethereum's long-term outlook, pointing to growing real-world adoption through stablecoin payments, Layer 2 networks, and the increasing likelihood of favorable U.S. crypto legislation.
Despite the continued accumulation, Bitmine shares fell nearly 5% during Tuesday's trading session.
