Onchain trackers say Bitmine bought another $70M in ETH; the company hasn't confirmed it
Onchain analyst Lookonchain says Tom Lee's Bitmine bought 40,000 ETH (about $70 million) on Tuesday; the company has not confirmed the purchase, which would edge its holdings toward a 5% supply target.
Bitmine, the Ethereum treasury company chaired by Fundstrat's Tom Lee, acquired 40,000 ETH — roughly $70 million at Tuesday's prices — on July 7, according to blockchain-analytics firm Lookonchain, as reported by The Block. Lookonchain says the buy landed across two wallet addresses, and cited Arkham Intelligence data showing the funds moved out of hot wallets at FalconX and Kraken.
One caveat up front: Bitmine has not officially confirmed this purchase. The figure comes from onchain trackers reading wallet activity, not from the company. It's consistent, though, with Bitmine's pattern of steady weekly accumulation and disclosure.
In its most recent official disclosure, on Monday, Bitmine said it bought 42,197 ETH the prior week, lifting reported holdings to 5.74 million ETH — about 4.8% of Ethereum's circulating supply, and closing in on the company's stated 5% target. That disclosure put total crypto and cash at $11.1 billion as of June 28, and said Bitmine is staking 4,879,157 ETH — roughly 85% of its ether — through MAVAN, its "Made in America Validator Network."
The buying continues against a weak price. ETH traded at $1,752, well below its August 2025 all-time high of $4,950 cited by The Block. Bitmine's own shares (BMNR) fell 4.8% Tuesday to close at $14.80, even after the stock was added to the Russell 1000 index on June 26 — an inclusion Lee expects to widen the company's institutional shareholder base.
Key facts
- 40,000 ETH (~$70M) bought July 7 across two addresses — Lookonchain, via The Block; funds sourced from FalconX and Kraken hot wallets per Arkham. Not confirmed by Bitmine.
- 5.74M ETH held (~4.8% of supply), after buying 42,197 ETH the prior week — Bitmine's Monday disclosure.
- $11.1B total crypto and cash as of June 28; 4,879,157 ETH (~85%) staked via MAVAN — Bitmine disclosure.
- ETH at $1,752, vs. $4,950 August 2025 high; BMNR down 4.8% to $14.80 Tuesday; added to Russell 1000 on June 26 — The Block.
The real-world read
The headline number ("adds $70 million") is an onchain analyst's inference, not a company statement — The Block itself flags that Bitmine "has not officially confirmed the purchase." Treat it as a well-sourced estimate, not a filed fact.
Note who's talking. The self-reported holdings, the $11.1B figure, and the 5% "target" all come from Bitmine's own disclosures — an interested party describing its own balance sheet. The bull case attached to the story is entirely Lee's: he points to a Layer 2 processing USDC for Shopify and Visa, and to rising odds of the Clarity Act passing on Polymarket. Those are his talking points, and Polymarket odds are a betting market, not a forecast of law. What the numbers say plainly, without spin: Bitmine keeps buying into a token down roughly 65% from its high, and its own shares fell on the day.
Opinion, and whose
Tom Lee (Bitmine chairman) expressed long-term optimism, citing expanding real-world ETH utility and improving Clarity Act odds on Polymarket, and expects Russell 1000 inclusion to broaden Bitmine's institutional base — his views, not established fact.
Sources
- The Block (Danny Park, July 8) — secondary reporting; the sole source here. Relayed the Lookonchain estimate and Arkham wallet data, Bitmine's disclosures, and price/share figures. Independent outlet; discloses Foresight Ventures as majority investor.
- Lookonchain / Arkham Intelligence — onchain analytics (via The Block); origin of the unconfirmed $70M purchase claim.
- Bitmine disclosures — primary but self-reported; source of holdings, staking, and cash figures.
Not financial advice; this is a report on what was disclosed and inferred, not a recommendation to buy or sell anything.