BitMine Adds 40,000 ETH in $82M Buy From FalconX

On-chain analytics firm Lookonchain flagged the transaction on X. Arkham Intelligence data confirmed that the newly created wallet matches BitMine’s documented purchase patterns. At the time of the transfer, ETH traded near $2,051 to $2,054.

BitMine has not officially confirmed the latest BitMine ETH purchase. Yet the transaction fingerprint closely mirrors the company’s prior OTC acquisitions through FalconX.

Why This BitMine ETH Purchase Matters

BitMine is the world’s largest corporate Ethereum holder. The company, closely tied to Fundstrat co-founder Tom Lee, has accumulated between 4.32 million and 4.66 million ETH since late 2025. That represents roughly 3.86% of Ethereum’s circulating supply.

This latest purchase would push BitMine’s total position past 4.36 million ETH. The company treats Ethereum as a core treasury reserve. It also stakes a significant portion of its holdings to earn yield.

BitMine’s strategy mirrors what MicroStrategy did with Bitcoin. By concentrating treasury reserves in a single digital asset, the company has become a barometer for institutional ETH sentiment.

A Pattern of Aggressive Accumulation

This is not BitMine’s first large OTC buy through FalconX. According to on-chain data compiled by Lookonchain and Cointelegraph, the company has executed multiple similar transactions.

In February 2026, BitMine purchased 40,000 ETH worth approximately $83 million through FalconX and BitGo. Later in March, the company acquired 50,000 ETH in one transaction. It then added 65,000 ETH in a separate deal.

Earlier purchases in November 2025 and January 2026 also came through institutional OTC channels. Each BitMine ETH purchase followed the same pattern. A new wallet appeared, received a large withdrawal from FalconX, and matched known transaction signatures.

What Is FalconX and Why Does BitMine Use It

FalconX is an institutional-grade digital asset prime brokerage. It provides OTC trading, custody, and credit services to large-scale crypto buyers. Major institutional players use FalconX because OTC trades avoid the market impact that exchange buys create.

A $82 million buy on an open exchange like Coinbase or Binance would likely move the ETH spot price. OTC desks like FalconX match buyers with sellers privately. That keeps the transaction off the public order book until settlement.

BitMine’s repeated use of FalconX suggests an established institutional relationship. The company has sourced ETH from FalconX in at least four confirmed transactions since late 2025. That consistency points to a formal prime brokerage arrangement.

BitMine Sits on Significant Unrealized Losses

Despite the aggressive buying, BitMine’s average acquisition cost sits near $3,850 per ETH. That estimate comes from BeInCrypto reporting. With ETH trading around $2,050, the company faces an unrealized loss of roughly 47% on its total position.

On a portfolio of 4.5 million ETH, that translates to billions in paper losses. Still, BitMine continues to accumulate. Tom Lee has publicly described current ETH prices as a buying opportunity. He points to staking yields and long-term network growth as reasons to hold.

The company earns staking rewards on a portion of its holdings. Those rewards partially offset the price decline. They do not close the gap at current levels, though.

Market Reaction and On-Chain Implications

Crypto analysts on X described the latest BitMine ETH purchase as a strong bullish signal. Large-scale single-entity accumulation reduces available ETH float. That can tighten lending rates and limit sell-side liquidity.

The buy came during a period of broader ETH price weakness. Ethereum has struggled to hold above $2,100 for several weeks. BitMine’s continued buying at these levels suggests the company sees value where others see risk. That conviction contrasts with bearish sentiment across much of the market.

Analyst @0xMariussi noted that sustained corporate buying at this scale could anchor a price floor over time.

Loading chart...

What Comes Next for BitMine and ETH

BitMine shows no signs of slowing its accumulation. If the current pattern holds, the company could approach 5 million ETH by mid-2026. That would represent roughly 4.1% of all circulating Ethereum.

For ETH holders, BitMine’s conviction trade is a double-edged sword. Steady institutional buying supports the bull case. But a forced liquidation or strategy reversal from a position this large could create significant sell pressure.

No other publicly traded company holds a comparable amount of ETH. If BitMine were to unwind even a fraction of its position, that sell volume could drag prices lower. Risk-aware investors should monitor BitMine’s quarterly disclosures and on-chain wallet activity closely.

The next official BitMine disclosure will come with its quarterly filings. That will clarify the exact size and cost basis of its holdings. Until then, on-chain data from Arkham Intelligence remains the best real-time tracking source.

This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.