Bitmine Immersion Technologies just bought another 20,500 ETH for roughly $35.92 million, transacted over-the-counter with Galaxy Digital around July 10, 2026. At approximately $1,752 per token, the purchase is notable less for its size and more for what it represents: a company quietly becoming one of the largest single holders of Ethereum on the planet.
The deal pushes Bitmine’s total ETH treasury to approximately 5.7 million tokens, worth around $10 billion at current prices. That figure represents roughly 4.7% to 4.8% of the entire circulating ETH supply of approximately 120.7 million tokens. The company’s stated goal is 5%.
The MicroStrategy template, applied to Ethereum
Bitmine Chairman Tom Lee, best known as the co-founder of research firm Fundstrat, has been explicit about the strategic framework here. The idea is to replicate what MicroStrategy did with Bitcoin, but with Ethereum as the underlying asset.
Bitmine’s accumulation campaign started in earnest in mid-2025. Earlier in 2026, the company executed two notably larger purchases: 42,197 ETH for $76 million, and a separate acquisition of 60,976 ETH. The July 10 purchase of 20,500 ETH is smaller in absolute terms, but the cadence matters. Galaxy Digital has been the consistent OTC counterparty across these transactions, keeping the purchases off open order books and minimizing price impact.
