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.

What 4.8% of ETH supply actually means

Ethereum does not have a hard cap, but post-Merge issuance dynamics and EIP-1559 fee burning have kept net supply growth modest. A 120.7 million token circulating supply, with one company holding 5.7 million of them, means Bitmine controls a non-trivial share of the liquid market.

ETH prices have traded in a range of roughly $1,700 to $2,200 throughout 2026. Bitmine has been buying through all of it, which suggests the accumulation strategy is price-target agnostic, focused on supply percentage rather than entry point optimization. Lee has framed the broader thesis around what he calls a “crypto spring,” a period of sustained institutional adoption that he believes will drive long-term appreciation across the asset class.

What this means for investors watching ETH

A company with $10 billion in a single volatile asset is carrying substantial mark-to-market exposure. If ETH revisits the lower end of its 2026 range, or breaks below it, Bitmine’s balance sheet takes the hit directly. Investors in BMNR stock are, in effect, buying leveraged ETH exposure wrapped in a corporate structure.