- BitMine expands Ethereum treasury with $103.7M ETH acquisition via BitGo.
- Analysts link unmarked wallet to BitMine amid massive Ethereum accumulation.
- Company nears 5% ETH supply goal despite market dip.
According to Arkham and Lookonchain, BitMine Immersion Technologies reportedly acquired 23,823 ETH from a BitGo wallet through the address “0xF8c … 338E7.” The transfer valued at roughly $103.7 million reflects the firm’s aggressive accumulation strategy.
BitMine has not publicly confirmed the transaction. Yet market observers accepted Lookonchain’s identification of the wallet as belonging to BitMine.
This addition lifts BitMine’s total Ethereum holdings to approximately 2.83 million ETH, equating to about $12.4 billion. The portfolio already places BitMine as the largest ETH treasury and second overall in crypto holdings, trailing only Michael Saylor’s Strategy.
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Treasury Ambition and Market Impact
BitMine has repeatedly outlined its target to accumulate 5% of Ethereum’s total supply and support Ethereum’s maturation in financial markets. With this latest move, the company edges closer to that goal. Moreover, the transaction signals significant confidence in Ethereum’s long-term prospects among institutional holders.
Markets responded to the news with subtle volatility. The BMNR stock dipped 1.5% on Thursday, closing at $59.10. Ethereum’s price also slid 1.4% over the past 24 hours, trading near $4,384.
Institutional flows into crypto tend to shift the narrative about adoption trends. BitMine’s bold accumulation stands in contrast to cautious positions among some institutional investors. Furthermore, by funneling capital into ETH, the company underscores its belief in Ethereum’s role beyond speculative assets.
Transparency and Confirmation Still Pending
While blockchain analysts flagged the transfer quickly, BitMine has remained silent on the matter. Despite that, observers continue to regard the acquisition as credible based on on-chain mapping tools.
This development may prompt increased scrutiny of institutional ETH treasuries altogether. As large players silently accumulate, analysts could track wallet flows more closely. Moves like BitMine’s may reshape how markets interpret treasury strategies in crypto.
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