In an X post on Wednesday, blockchain analytics platform Lookonchain shared that Tom Lee’s Ethereum treasury firm, Bitmine, has likely scooped another fresh batch of ETH, worth approximately $71.6 million. The move comes despite the cryptocurrency’s lacklustre price performance in 2026.
Bitmine adds $70M ETH to its stack
The Ethereum treasury company bought 40,000 ETH, valued just over $71M from two crypto exchanges, Falcon and Kraken. The following screenshot from Arkham Intelligence shows the
purchase was likely made in 2 separate transactions, worth around $35 million each.
It should be highlighted that Bitmine has not yet officially confirmed the purchase. But, seeing the company’s recent track record, it won’t be far-fetched to imagine that the firm is burning the midnight oil to achieve its target of holding 5 percent of ETH’s total supply at the earliest.
As of Wednesday, Bitmine holds roughly 5.74 million ETH, valued at some $9.98 billion as per prevailing market prices. According to data from Coingecko, Bitmine currently holds close to 4.76 percent of ETH’s total supply.
Over the past 2 months, there have been 4 instances of Bitmine bolstering its ETH treasury with fresh purchases. On May 4, the company announced it had bought 101,000 ETH.
In June 2026, the company bought and disclosed its ETH buys 2 times – on June 8 when it added 126,971 ETH on its balance sheet, and then later on June 22 when it bought ETH worth $92 million.
The company has also been actively staking its ETH holdings, in an attempt to put its digital assets to some use instead of keeping them idle. On April 23, Bitmine stated that it had staked ETH worth $320 million to generate yield.
Meanwhile, Bitmine’s stock continues to struggle, down about 4.82 percent in the early trading hours on Wednesday. On a year-to-date basis, the share is down a gigantic 45.49 percent, signalling serious financial distress the company is under.
Is ETH indicating an altseason?
Meanwhile, seasoned crypto analyst Michael van de Poppe noted that over the past few days, ETH has been outperforming Bitcoin (BTC), leading to speculations that a so-called altseason might be around the corner.
If true, expect BTC to consolidate in its current price range between $60,000 to $70,000, as altcoins like ETH, SOL, BNB, and others continue to take its turf. That said, meaningful recovery in the DeFi space remains awaited, as TVL metrics sit significantly below their October 2025 peaks.
