Bitmine Nears 5% Ethereum Supply Milestone with $70M Acquisition

Blockchain analytics firms Lookonchain and Arkham Intelligence tracked the acquisition of 40,000 ETH on Tuesday, routed through exchanges FalconX and Kraken. This latest buy follows a disclosure earlier this week that the firm had already accumulated over 5.7 million ETH by July 3. The company currently holds assets and cash valued at approximately $11.1 billion, with roughly 85% of its Ethereum reserves actively staked through its proprietary Made in America Validator Network (MAVAN).

Chairman Tom Lee continues to champion the network, citing increased real-world utility—such as Layer 2 payment processing for Shopify and Visa—as evidence of long-term value. While the company aims for a 5% supply threshold, the market response has remained muted; Bitmine shares fell 4.8% to $14.80 on Tuesday. Investors are now looking toward the company’s July 29 quarterly earnings report, where analysts anticipate revenue of roughly $45 million.