What to know:
- Through OTC FalconX, Bitmine bought 20,000 ETH worth $35.85M, expanding the Ethereum treasury.
- Ethereum treasury goes past 5.5M ETH, amounting to 5%+ circulating supply; substantial accumulative size.
- 85% of holdings will be staked by Bitmine, estimating that the strategy will earn $230M annually.
Bitmine Immersion Technologies has significantly strengthened its Ethereum Treasury, adding another 20,000 ETH worth approximately $35.85 million in its latest over-the-counter acquisition.
According to on-chain tracking performed by Arkham Intelligence and noted by Lookonchain, this transaction cost Bitmine approximately $35.85 million.
The latest transaction continues Bitmine’s aggressive Ethereum accumulation strategy, which has become a defining feature of the company’s operations throughout 2026. By trading in OTC desks rather than through the open market, Bitmine is in a position to acquire vast amounts of ETH while avoiding any effects on market liquidity and volatility.
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Ethereum Treasury Strategy Continues
The recent acquisition forms part of a broader pattern of repeated 20,000 ETH purchases conducted during the year. Bitmine has made huge purchases through various institutional trading exchanges such as FalconX, Kraken, and Galaxy Digital. As a result, the company has managed to get huge liquidity from different sources while accumulating ETH.
Currently, the company holds more than 5.5 million ETH, which translates to more than 5% of the total circulating supply of ETH. Bitmine has put 85% of its holdings into staking operations by way of its Made-in-America Validator Network (MAVAN). As a result, the company expects to earn $230 million in annual revenues from its Ethereum treasury.
Growth Driven by Long-Term ETH Accumulation
The foundation of the strategy by Bitmine in regard to Ethereum was laid in June 2025. At that time, Bitmine carried out a $250 million private placement for constructing its ETH treasury. The decision was viewed as a departure from the company’s conventional focus on Bitcoin Mining.
In addition to June 2025’s private placement, Bitmine has been executing acquisitions in the month of June 2026 at an accelerated pace. In the first week of June 2026, the company executed an acquisition of 126,971 ETH with a valuation of about $214 million. Another transaction on June 9 added 75,000 ETH worth approximately $123 million, while a separate April purchase secured 20,000 ETH for about $44.8 million.
Ethereum was trading at $1,789.25 at the time of writing, a growth of about 1.13% compared to its value on the previous day. Its daily trading volume was at about $24.65 billion and had a market capitalization of $215.93 billion.
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