Bitmine Immersion Technologies, the NYSE-listed mining firm led by Tom Lee, just picked up another 20,000 ETH in a single over-the-counter transaction with FalconX. The purchase clocked in at roughly $35.85 million, according to blockchain data tracked by Arkham Intelligence.
The ETH hoarding playbook
This latest FalconX deal is part of a much larger pattern. Bitmine has been executing repeated 20,000 ETH batch purchases throughout 2026, using OTC desks to avoid slamming the open market with massive buy orders.
The company’s Ethereum treasury has swelled to over 5.5 million ETH. That figure represents more than 5% of Ethereum’s total supply. Roughly 85% of those holdings are staked through what Bitmine calls its Made-in-America Validator Network, or MAVAN. The staking operation alone projects annual revenue of approximately $230 million.
The buying hasn’t been limited to FalconX either. Bitmine has routed purchases through Kraken and Galaxy Digital as well, diversifying its counterparty exposure across major institutional platforms.
