Bitmine Acquires 20,500 ETH, Approaches 5% of Total Supply

• •Bitmine's ETH holdings reach 5.7 million, nearing 5% of total supply.
• •The acquisition strategy is similar to MicroStrategy's Bitcoin approach.
• •Bitmine's exposure to Ethereum's price volatility poses significant market risks.

On July 10, 2026, Bitmine Immersion Technologies acquired 20,500 ETH for approximately $35.92 million from Galaxy Digital, increasing its total Ethereum holdings to about 5.7 million tokens, valued at around $10 billion. This acquisition represents roughly 4.7% to 4.8% of the total circulating Ethereum supply of approximately 120.7 million tokens, with Bitmine aiming for a 5% ownership stake. The company's strategy mirrors MicroStrategy's approach to Bitcoin, focusing on accumulating Ethereum since mid-2025. Throughout 2026, Ethereum's price fluctuated between $1,700 and $2,200, and Bitmine's consistent purchases indicate a strategy prioritizing supply percentage over entry point optimization. Holding such a significant amount of a volatile asset exposes Bitmine to substantial market risks, particularly if Ethereum's price declines. Investors in Bitmine stock are effectively gaining leveraged exposure to ETH's price movements. This article does not provide financial advice.