BitMine adds 46,255 ETH, boosting holdings to over 2.1 million ETH worth $9.24B, aiming for 5% of the total Ethereum supply.
BitMine, often referred to as the “Ethereum MicroStrategy,” has made another massive Ethereum purchase. According to blockchain analytics firm OnchainLens, BitMine recently received 46,255 Ethereum from a BitGo wallet. This transfer is worth about $201 million. As a result, BitMine now holds a staggering 2,126,018 ETH, which is worth approximately. $9.24 billion at today’s prices.
BitMine Aims for 5% of Total Ethereum Supply
This latest acquisition helps BitMine to extend its position as the biggest corporate owner of Ethereum. In comparison, the second-largest holder, Sharplink Gaming, only holds 837,000 ETH. Therefore, BitMine’s lead is significant and it is growing with each purchase.
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Interestingly, this is BitMine’s second massive Ethereum purchase in the same week. Just days earlier, the company bought 80,325 ETH worth $358 million from Galaxy Digital and FalconX. Together, these two purchases are almost equal to the total of ETH acquired by all other corporate treasury firms combined last week.
Meanwhile, other Ethereum treasury companies have also been active. In total, companies accumulated a total of 273,300 ETH last week. Among them, The Ether Machine took the lead with 150,000 ETH, followed by BitMine with 74,300 ETH, before the most recent transaction. These numbers represent an upward trend in institutional interest in Ethereum.
In addition, many of these companies are raising funds by selling stocks and bonds. They are using the new capital to build up their ETH holdings, which signals a long-term belief in Ethereum’s future. BitMine is no exception. The company has said that it wants to own 5% of the total supply of Ethereum. Thomas “Tom” Lee, the chairman of BitMine, called this target the “alchemy of 5% of ETH.”
With Over $9B in ETH Holdings, BitMine Leads Institutional Crypto Buyers
Moreover, the aggressive Ethereum strategy of BitMine is a sign of its confidence in Ethereum’s rising role in global finance. The firm believes Ethereum will be at the heart of the tokenized economy and integrating blockchain with artificial intelligence (AI). As more financial services look to blockchain for faster, safer, and more transparent transactions, Ethereum’s importance is expected to increase.
As a result of these institutional purchases, the price of Ethereum increased by 2.29% in the 24 hours before BitMine’s latest purchase. This price movement was also better than much of the rest of the cryptocurrency market, demonstrating increased investor confidence in ETH.
Currently, BitMine is holding over $9.2 billion in total crypto and cash assets. This makes it the second-largest crypto treasury in the world, behind only Michael Saylor’s Strategy, which holds more than $73 billion in Bitcoin.
Furthermore, BitMine’s Ethereum strategy has the support of key institutional investors. These include ARK Invest’s Cathie Wood, Founders Fund, Pantera Capital, Kraken, and Galaxy Digital. Their support gives more credibility to BitMine’s long-term Ethereum plans.
In conclusion, the ongoing accumulation of ETH by BitMine demonstrates a strong institutional belief in the future of Ethereum. With a clear goal of getting their hands on 5% of the total ETH supply, the company is taking bold moves to shape the future of crypto investing.
