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Key TakeawaysBitmine Immersion (BMNR) received another 40,000 ETH worth about $71.6 million from FalconX and Kraken on July 8, 2026, according to onchain data tracked by Lookonchain.The transfer folloKey TakeawaysBitmine Immersion (BMNR) received another 40,000 ETH worth about $71.6 million from FalconX and Kraken on July 8, 2026, according to onchain data tracked by Lookonchain.The transfer follo

Bitmine Buys Another 40,000 ETH: Can Tom Lee's Whale Accumulation Lift the Ethereum Price?

#Industry Perspectives

2026/07/09 16:09

Key Takeaways

Bitmine Immersion (BMNR) received another 40,000 ETH worth about $71.6 million from FalconX and Kraken on July 8, 2026, according to onchain data tracked by Lookonchain.

The transfer follows an officially disclosed purchase of 42,197 ETH last week and pushes the largest Ethereum treasury company closer to its target of owning 5% of all ETH.

As of its July 5 update, Bitmine held 5.74 million ETH, about 4.8% of circulating supply, with total crypto and cash holdings near $11.1 billion and more than 4.8 million ETH staked.

Chairman Tom Lee links the buying spree to growing optimism that the Clarity Act will pass, bringing the regulatory clarity he believes benefits smart contract platforms like Ethereum.

ETH trades near $1,740 to $1,790 and is pressing into a major resistance cluster at $1,796 to $1,816, while Bitmine still sits on billions in unrealized losses with an average entry near $3,271.

Bitmine's Latest Purchase: 40,000 ETH From FalconX and Kraken

Onchain analytics platform Lookonchain reported that Bitmine, the Ethereum treasury firm chaired by Fundstrat founder Tom Lee, received another 40,000 ETH from FalconX and Kraken on July 8. The transfer was worth roughly $71.6 million, implying a price near $1,790 per ETH. Rather than a series of small spot market buys, the flow arrived through two large institutional venue transfers, matching the pattern of Bitmine's recent accumulation.

One caveat is worth noting: the purchase has not yet appeared in a Bitmine filing or official treasury update. Until the company refreshes its disclosed holdings, the 40,000 ETH remains an onchain treasury flow signal rather than a confirmed balance sheet figure.

Even so, the buy extends an aggressive streak. In its July 6 update, Bitmine disclosed that it purchased 42,197 ETH last week for roughly $74 million, lifting its official holdings to 5.74 million ETH. That stash is worth about $10 billion and represents roughly 4.8% of Ethereum's circulating supply.

Inside the "Alchemy of 5%" Strategy

Bitmine pivoted from Bitcoin mining into a dedicated Ethereum treasury strategy in 2025 and has since become the largest corporate holder of ETH by a wide margin. Tom Lee calls the plan the "Alchemy of 5%," a campaign to accumulate 5% of Ethereum's total supply. After the latest disclosed purchases, the company says it is about 95% of the way there.

The strategy is not just about holding. Bitmine has staked more than 4.8 million ETH, the bulk of its position, through its MAVAN staking platform and related infrastructure. At current prices those staked holdings are worth roughly $8.5 billion and generate recurring staking income that helps fund further accumulation, alongside equity raises and a preferred stock program.

The buying also stands in sharp contrast to the other side of the corporate treasury world. Strategy, the largest corporate Bitcoin holder, recently sold about $216 million worth of BTC to raise cash, a rare reduction in its holdings. That divergence, a major Bitcoin treasury selling while the biggest Ethereum treasury keeps buying, may have contributed to ETH outperforming BTC by around 6% last week.

Why Tom Lee Keeps Buying: The Clarity Act Bet

Lee has tied both ETH's recent relative strength and Bitmine's continued accumulation to rising investor optimism that the proposed Clarity Act, a sweeping US crypto market structure bill, will become law. Prediction markets recently assigned roughly a 50% probability to passage, the highest level in weeks, and the bill must clear the Senate by early August to have a realistic chance this year.

In Lee's view, regulatory clarity is a milestone that lets crypto move into everyday life, with smart contract platforms like Ethereum positioned as the main beneficiaries. He points to Ethereum layer 2 networks already processing USDC payments for companies including Shopify and Visa as evidence that blockchain rails are entering mainstream commerce.

Ethereum Price Analysis: $1,796 Is the Level to Watch

ETH has rebounded sharply from a double bottom near $1,505 and now trades in the $1,740 to $1,790 area. Analysts have flagged a dense resistance cluster between $1,796 and $1,816, where the MVRV pricing band and a TD Sequential trendline converge. A daily close above that zone, followed by a successful retest, would strengthen the case for a move toward Ethereum's realized price near $2,245.

The downside is equally well defined. Data shows roughly $728 million in leveraged long positions at risk of liquidation if ETH slips below $1,709, and losing the $1,720 support area could open a deeper move toward $1,600 to $1,550. Renewed US-Iran tensions knocked ETH about 2% lower on July 8, a reminder that macro headlines can override accumulation narratives in the short term.

The Risk Side of the Trade

Bitmine's conviction has been expensive so far. The company's average purchase price sits near $3,271 per ETH, leaving it with an unrealized loss estimated at around $7.6 billion, according to DropsTab data. BMNR stock is down more than 30% year to date, broadly tracking the drawdown in ETH, which still trades far below its August 2025 all time high near $4,954.

Whale accumulation is a powerful narrative, and a buyer absorbing supply near key support can cushion declines. But it is not a guarantee of recovery, and the concentration of nearly 5% of ETH supply in one public company raises its own questions about market structure and reflexivity if the firm ever needed to sell.

What It Means for ETH Traders on MEXC

Corporate treasury flows have become one of the most watched signals in this market, and Bitmine's purchases are now a regular catalyst for Ethereum sentiment. Traders can follow the live ETH/USDT price on MEXC, trade the reaction around the $1,796 to $1,816 resistance zone, or hedge exposure using ETH/USDT perpetual futures on MEXC Futures.

Given the size of nearby liquidation clusters, risk management matters more than usual. Setting stop losses, sizing positions conservatively, and tracking whale wallets are all sensible habits in this environment.

Disclaimer: This content is for educational and reference purposes only and does not constitute any investment advice. Digital asset investments carry high risk. Please evaluate carefully and assume full responsibility for your own decisions.

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