Bitmine has acquired 75,000 Ethereum for $123 million, buying the tokens over the counter from Kraken and FalconX. The purchase, disclosed Tuesday, is the mining company's biggest single Ethereum buy and adds roughly $123 million worth of the asset to its balance sheet. The deal was executed across multiple OTC trades to avoid moving the spot market.
Why Bitmine bought now
The company didn't issue a statement explaining the timing, but the size of the purchase — about 1.2% of all Ethereum staked in the Beacon Chain — suggests a deliberate treasury move. Bitmine has historically held most of its reserves in Bitcoin. This Ethereum buy diversifies that position significantly.
Deal details
Kraken and FalconX, a digital-asset prime broker, facilitated the trades. Based on the $123 million total, Bitmine paid roughly $1,640 per ETH, near the current market price. OTC desks typically charge a small premium for large blocks, so the actual price may have been slightly higher. Both Kraken and FalconX declined to comment on the specific trades.
What this means for Bitmine's balance sheet
Before this purchase, Bitmine held about 20,000 ETH, according to its last quarterly report. The new 75,000 ETH more than quadruples that position. The company now has roughly 95,000 ETH on hand, valued around $156 million at current prices. That makes Ethereum roughly 40% of its publicly disclosed crypto holdings, up from about 10% last quarter. Bitcoin remains the majority but the gap has narrowed.
The timing isn't perfect — Ethereum has been under pressure this quarter, down about 12% since April. But Bitmine bought at a price below the 2026 average, so it's not chasing a top. Whether this is a one-off or the start of a broader shift isn't clear. The company hasn't signaled any further buys.
For now, the market sees a large buyer stepping in via OTC to avoid disturbing the spot price. That's a bullish signal for Ethereum holders, but it doesn't change the macro headwinds the asset faces. Bitmine's next quarterly filing, due in August, will show if more ETH hits the books.
