- BitMine’s massive ETH acquisition signals growing corporate crypto interest.
- ETH treasury expansion accelerates as BitMine pushes toward 5% supply.
- Corporate Ethereum holdings surge, outpacing Bitcoin in recent performance.
BitMine Immersion Tech has made a significant move in the cryptocurrency market, acquiring $64.7 million worth of Ethereum (ETH) through Galaxy Digital. According to data from Arkham Intelligence, the company received a total of 14,665 ETH across six transactions carried out earlier this week.
Such an aggressive takeover indicates that the company is still trying to build strength in its crypto treasury. This is the next part of BitMine’s bigger plan to purchase 5 percent of the total Ethereum supply.
Although the company has not officially confirmed this since the end of August, according to on-chain data, it is gradually moving in the right direction. The company currently holds above 1.75 million ETH, which is worth about $7.7 billion.
This makes BitMine the most prominent corporate owner of Ethereum, with an estimated 1.44% of the total cryptocurrency supply in circulation.
Also Read: Ripple Expands RLUSD Stablecoin in Africa, Offering Regulated Digital Dollar for Institutional Use
Corporate Ethereum Treasuries Surge as Institutional Interest Grows
The trend of corporate entities expanding their Ethereum holdings is gaining momentum. This summer, institutional interest and strong spot ETH inflows have contributed greatly to corporate treasuries. Indicatively, competitor SharpLink Gaming announced that it had just purchased 39,008 ETH, leaving the company with 837,230 ETH in total.
According to The Block’s data, publicly listed companies collectively hold 2.77 million ETH as of this week. This institutional supply of Ethereum can be attributed to rising confidence in the asset, particularly as its value shot up by almost 20% over the last 30 days. Compared to Bitcoin, which has fallen by 3 percent during the same period, Ethereum’s market performance is impressive.
The continued ETH accrual by BitMine underscores its determination to continue taking a leading role in the cryptocurrency terrain. This surge in corporate Ethereum treasuries could have lasting implications, further solidifying Ethereum’s place as one of the most sought-after digital assets in the market.
Also Read: Bitcoin and Dogecoin Drop: See Which Coins Are Gaining Big Today
