Ethereum Supply Squeeze? BitMine Adds $200M in ETH
Key Takeaways
BitMine Immersion Technologies now holds over 2.1 million ETH, solidifying its position as the largest corporate ETH holder.
BitMine Immersion Technologies has significantly increased its Ethereum (ETH) holdings, acquiring $200.43 million worth of ETH from Bitgo in a recent purchase.
BitMine's Ethereum Bet
According to data from Lookonchain, BitMine acquired 46,255 Ether across three transactions on September 10th. This move reinforces its position as the public company with the largest Ethereum holdings.
These purchases nearly match the total ETH acquisitions by treasury firms in the preceding week.
On September 8th, BitMine made a substantial acquisition of 202,500 Ether, pushing its total holdings past the 2 million ETH mark.
With the additional $200 million purchase on September 8th, BitMine's Ethereum treasury now exceeds 2.1 million ETH, valued at over $9.2 billion, boosted by a 2% price gain in ETH.
SharpLink Follows Suit
SharpLink Gaming, the second-largest Ethereum treasury company, also transferred 379 million USDC to Galaxy Digital, which held $17.47 million in USDC, according to Lookonchain data.
The stablecoins were subsequently moved to Binance, but it remains unclear whether SharpLink will convert these funds into additional ETH.
Historically, similar on-chain transactions have preceded ETH purchases by SharpLink, which currently holds $3.6 billion worth of Ethereum.
Ethereum Price and Market Trends
This institutional activity occurs as ETH trades around $4,430.88, up 2.33% over the last 24 hours, according to CoinMarketCap.
Ethereum exchange-traded funds (ETFs) also experienced significant momentum, recording $171.5 million in inflows, per Farside Investors.
ARK Invest, led by Cathie Wood, increased its exposure to crypto-linked equities through a fresh $4.46 million investment in BitMine across three of its ETFs.
These developments underscore growing institutional confidence in Ethereum and the broader crypto market.