Ethereum

Based

Galaxy

Merge

Tom Lee

<p>Bitmine Immersion Technologies has made a substantial purchase of 20,500 <a href="https://en.coin-turk.com/ethereum-faces-allegations-of-concentrated-control-and-inner-circle-influence/" rel="noopener noreferrer nofollow">Ethereum</a> (ETH) through Galaxy Digital, investing approximately $35.92 million in the process. The transaction, executed around July 10, 2026, saw Bitmine paying about $1,752 per token, signaling the company’s sustained commitment to expanding its Ethereum portfolio.</p>
<h2 id="bitmine-s-accumulation-strategy-advances">Bitmine’s accumulation strategy advances</h2>
<p>Following this latest acquisition, Bitmine’s total Ethereum holdings have reached approximately 5.7 million ETH. This translates to nearly $10 billion in market value and represents between 4.7% and 4.8% of the total circulating Ethereum supply, which currently stands at 120.7 million ETH. The company has openly stated its near-term goal: to hold 5% of the entire Ethereum supply.</p>
<p>Tom Lee, Chairman of Bitmine and co-founder of Fundstrat, positions the firm’s Ethereum strategy alongside the corporate treasury models seen with <a href="https://en.coin-turk.com/bitcoin-and-gold-markets-surge-as-investors-prepare-for-major-economic-data/" rel="noopener noreferrer nofollow">Bitcoin</a>. Fundstrat, an independent research entity, is recognized for its market strategies and macro analysis that guide institutional decision-making.</p>
<blockquote>
 <p>Tom Lee has expressed his intention for Bitmine to treat Ethereum in much the same way that companies like MicroStrategy approach Bitcoin on their balance sheets.</p>
</blockquote>
<p>Since mid-2025, Bitmine has ramped up its ETH purchases and continued this approach throughout 2026. Previously, the company made notable acquisitions, including 42,197 ETH for roughly $76 million, and another transaction involving 60,976 ETH. While the most recent tranche of 20,500 ETH is smaller in comparison, it brings Bitmine closer to its 5% ownership target.</p>
<p>Notably, Bitmine continued its acquisitions as ETH fluctuated between $1,700 and $2,200 throughout the year. This pattern suggests the company is more focused on increasing its supply share than timing purchases at the market’s lowest levels.</p>
<h2 id="ethereum-supply-dynamics-and-network-structure">Ethereum supply dynamics and network structure</h2>
<p>Despite Ethereum’s theoretically unlimited supply, the pace of new issuance is relatively restrained. After the Merge upgrade, Ethereum transitioned to a proof-of-stake consensus, substantially reducing the rate at which new ETH enters circulation. The EIP 1559 mechanism further curbs inflation by burning a portion of transaction fees, constraining supply expansion.</p>
<p>Glossary: EIP 1559 introduced a mechanism that burns a portion of Ethereum transaction fees, removing them from circulation. The Merge refers to Ethereum’s shift from energy-intensive mining to the proof-of-stake validation model.</p>
<p>Bitmine’s 5.7 million ETH is currently secured within a corporate wallet. The sustained accumulation underscores a strategic approach to holding Ethereum long-term, despite the network’s distinct economic model compared to Bitcoin.</p>
<h2 id="key-technical-levels-watched-for-eth-and-btc">Key technical levels watched for ETH and BTC</h2>
<p>Recent price action in Ethereum demonstrates a tightening range between short-term consolidation and longer-term resistance. ETH is currently trading above its 20-day ($1,759) and 50-day ($1,747) simple moving averages, yet remains below the 200-day average at $2,240.</p>
<p>Based on the Ichimoku Kijun indicator, support for ETH emerges near $1,773. The Relative Strength Index (RSI) stands at 56.97, giving buyers a slight upper hand in the short run. However, the MACD presents a weaker trend, and the ADX remains neutral, suggesting no clear directional momentum at present.</p>
<h2 id="bitcoin-options-market-highlights-80-000-strike-price">Bitcoin options market highlights $80,000 strike price</h2>
<p>Bitcoin experienced intraday highs following a rebound in US equities after Wall Street’s opening. CoinGecko data showed BTC rising back above $64,000, gaining about 5% during the day. CoinGlass reported that around $100 million in short positions were liquidated in the last 24 hours.</p>
<p>With Bitcoin climbing about 10% month-over-month, traders are closely monitoring levels above $70,000. Of particular importance is the 200-day moving average near $71,100. On Deribit, open interest in options contracts with an $80,000 strike price now exceeds $1.21 billion. As BTC approaches these levels, hedging activity may drive increased volatility in both spot and derivatives markets.</p>
<p>The post <a href="https://en.coin-turk.com/bitmine-immersion-technologies-acquired-20500-eth-for-35-92-million-via-galaxy-digital-grows-holdings-to-4-7-of-ethereum-supply/" rel="noopener noreferrer nofollow">Bitmine Immersion Technologies acquired 20,500 ETH for $35.92 million via Galaxy Digital, grows holdings to 4.7% of Ethereum supply</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Bitmine Immersion Technologies acquired 20,500 ETH for $35.92 million via Galaxy Digital, grows holdings to 4.7% of Ethereum supply

Table of Contents

COINTURK NEWS

Other articles published on Jul 10, 2026

Join our free newsletter for daily crypto updates!