Bitmine buys 20,500 ETH, nears 5% of Ethereum supply

Bitmine bought 20,500 ETH for $35.92M from Galaxy Digital, raising its holdings to 5.7M ETH—about 4.8% of supply. The firm aims for a 5% market share.

Bitmine Immersion Technologies has acquired 20,500 Ethereum (ETH) for approximately $35.92 million through an over-the-counter deal with Galaxy Digital around July 10, 2026. This purchase, at an average price of $1,752 per ETH, boosts Bitmine’s total Ethereum holdings to about 5.7 million ETH, valued near $10 billion. This amount represents roughly 4.7% to 4.8% of the total circulating Ethereum supply, which is estimated at 120.7 million tokens. Bitmine’s short-term goal is to reach a 5% share of the entire Ethereum market. The company’s accumulation strategy, inspired by corporate treasury models in the Bitcoin space, has included previous large acquisitions, such as 42,197 ETH for $76 million and 60,976 ETH earlier in 2026. Galaxy Digital has consistently acted as the counterparty, enabling Bitmine to build one of the largest institutional Ethereum treasuries.