Bitmine Immersion Technologies has acquired an additional 20,500 ETH, spending approximately $35.92 million in the process. This latest transaction was executed through Galaxy Digital around July 10, 2026, with Bitmine paying nearly $1,752 per token. The latest purchase increases Bitmine's total Ethereum holdings to about 5.7 million ETH, now valued at just under $10 billion.
With a total of 120.7 million ETH available on the market, this acquisition positions Bitmine’s share between 4.7% and 4.8%. Tom Lee, the company's chairman and co-founder of Fundstrat, is targeting a 5% ownership stake in Ethereum, paralleling the strategy employed by companies like Strategy (NASDAQ: MSTR) that focused on Bitcoin.
Bitmine’s strategy of acquiring Ethereum has been aggressive since mid-2025, with previous purchases including 42,197 ETH for around $76 million and 60,976 ETH in another transaction. Despite the market volatility, with Ethereum price fluctuations between $1,700 and $2,200 this year, Bitmine's purchasing decisions reflect a long-term vision rather than a focus on immediate price optimization.
Lee refers to his outlook as a
