- An on-chain transfer of 20,500 ETH, worth approximately $35.92 million, was recorded on July 9 from a Galaxy Digital OTC wallet.
- Blockchain analysts have linked the destination wallet to Bitmine, but neither Bitmine nor Galaxy Digital has officially confirmed the transaction.
- The transfer follows a series of large Ethereum acquisitions disclosed by Bitmine over the past two weeks.
- OTC transactions are commonly used by institutions to execute large crypto trades while limiting price impact on public exchanges.
- Ethereum traded at $1,773.56, up 1.97% over the previous 24 hours at the time of writing.
A wallet associated with Galaxy Digital’s over-the-counter (OTC) trading desk transferred 20,500 Ethereum (ETH), valued at approximately $35.92 million, on July 9, 2026, at 18:32:23 UTC, according to publicly available blockchain data.
The receiving wallet has been identified by several on-chain analysts as being linked to Bitmine Immersion Technologies, the Ethereum treasury company chaired by Tom Lee. However, neither Bitmine nor Galaxy Digital has publicly confirmed that the transaction represents a completed purchase, leaving the exact purpose of the transfer unverified.
Blockchain data can reveal where digital assets move, but it cannot determine the commercial agreements behind those transfers. As a result, analysts generally treat large OTC wallet movements as indicators of potential institutional activity rather than definitive proof of an acquisition.
Bitmine’s Ethereum buying accelerates
The latest transfer comes after a string of sizable Ethereum purchases that have rapidly expanded Bitmine’s digital asset treasury.
Recent Ethereum acquisitions include:
- June 29, 2026: Bitmine disclosed the purchase of 27,084 ETH.
- July 6, 2026: The company announced another acquisition of 42,197 ETH.
- July 8, 2026: Bitmine reported purchasing an additional 40,000 ETH.
- July 9, 2026: On-chain data shows a further 20,500 ETH transfer from a Galaxy Digital OTC wallet to a wallet linked by analysts to Bitmine, although the transaction has not been officially confirmed.
Based on the company’s disclosures and the latest blockchain observation, Bitmine has acquired or been linked to at least 129,781 ETH in less than two weeks. The July 9 transfer remains an on-chain observation until it is confirmed through a corporate filing or treasury update.
The company’s recent buying activity reflects an aggressive Ethereum-focused treasury strategy. Rather than making a single large purchase, Bitmine has steadily increased its holdings through multiple acquisitions executed over a short period.
Why OTC transfers attract attention
Large institutional cryptocurrency transactions are frequently completed through OTC trading desks instead of public exchanges.
This approach offers several advantages:
- Reduces market impact from large buy orders.
- Provides deeper liquidity for institutional-sized trades.
- Allows buyers and sellers to negotiate pricing privately.
- Helps avoid short-term volatility that can occur on exchange order books.
Because of these characteristics, blockchain analysts closely monitor transfers originating from known OTC wallets. While such transfers do not necessarily represent new purchases, they often indicate institutional settlement activity involving large amounts of digital assets.
Ethereum holds gains as institutions remain active
Ethereum continued to trade higher following the reported transfer. As of 5:10 PM UTC, ETH was trading at $1,773.56, up 1.97% over the previous 24 hours. The cryptocurrency had a market capitalization of $214.03 billion, while 24-hour trading volume reached $8.16 billion. Ethereum’s circulating supply stood at 120.68 million ETH, matching its total supply, with no fixed maximum supply.
Institutional demand has become one of the key themes influencing Ethereum markets in 2026. Corporate treasury allocations, ETF-related inflows, and growing use of OTC trading desks have contributed to increased attention on large on-chain transactions.
Attention Turns to Future Treasury Disclosure
Although the latest wallet transfer has drawn significant attention across the crypto market, it should currently be viewed as an unconfirmed institutional transaction rather than an officially reported purchase.
Investors will likely watch Bitmine’s next treasury update or regulatory filing to determine whether the 20,500 ETH transfer becomes part of the company’s reported Ethereum holdings.
Until then, the transaction highlights how blockchain transparency allows market participants to monitor potential institutional activity in real time, even before companies publish official disclosures.
