Featured News Headlines
Ethereum Price Gains on Massive BitMine Acquisition
Ethereum (ETH) price momentum is receiving a significant boost following a large-scale purchase by BitMine Immersion Technologies. On-chain data from Arkham reveals that the firm acquired 80,325 ETH, totaling approximately $358 million in a single move, marking one of the largest institutional Ethereum acquisitions of the year. Of this total, 14,665 ETH worth $64.7 million was purchased via Galaxy Digital’s OTC desk across six separate transactions, while the remaining 65,660 ETH valued at nearly $293 million was sourced from FalconX.
BitMine Strengthens Its Position as a Leading ETH Holder
With this acquisition, BitMine has increased its total ETH reserves to roughly 1.87 million ETH, valued at around $8.1 billion, making it the largest institutional Ethereum holder globally. The company continues to pursue its ambitious target of accumulating 5% of the total ETH supply, highlighting its long-term commitment to Ethereum as a strategic corporate asset rather than a speculative investment.
Corporate ETH Treasuries Expand
Corporate Ethereum treasuries are growing across the market, with public firms collectively holding over 4.7 million ETH, valued at more than $20 billion. BitMine remains the largest player, followed by other notable institutional holders such as SharpLink Gaming and The Ether Machine, emphasizing Ethereum’s rising role as a durable, yield-generating reserve asset.
Strategic and Infrastructure-Focused Approach
BitMine views its ETH holdings as critical infrastructure for the Ethereum network. Chairman Tom Lee highlighted that “ETH treasuries provide security services for the Ethereum network through native staking,” positioning the company as a key digital infrastructure partner. The recent appointment of David Sharbutt, former American Tower director, to BitMine’s board underscores the firm’s methodical approach to scaling its ETH accumulation strategy.
Market Reaction and Price Update
Ethereum has responded to the buying activity, reclaiming the $4,400 mark, a modest recovery after trading around $4,300 for several days. ETH is currently up 1.13% on the day, though it remains down approximately 4% for the week, reflecting both the short-term impact of institutional purchases and ongoing market volatility.
This latest move by BitMine emphasizes the growing influence of institutional ETH investors and the strategic role of corporate treasuries in shaping Ethereum’s market dynamics.
