Overview
- Bitmine executed an over-the-counter purchase of 20,500 ETH from Galaxy Digital for roughly $36 million, a trade reported on July 10, 2026 that averaged about $1,752 per token.
- The deal increases Bitmine's reported treasury to about 5.7 million ETH, equivalent to roughly 4.7%–4.8% of an estimated 120.7 million circulating tokens and moving the company close to its stated 5% target.
- Galaxy Digital has been a recurring OTC counterparty for Bitmine, enabling large blocks to be moved off public order books and reducing immediate price impact while concentrating off-exchange supply.
- Much of Bitmine's position is staked through its MAVAN validator network, which generates staking revenue but also locks large amounts of ETH and makes a rapid unwind harder and riskier for shareholders.
- Investors face direct mark-to-market exposure because Bitmine funds accumulation with preferred-stock financings and balance-sheet ETH holdings, a structure that raises dividend obligations and potential liquidity stress if prices fall.