BitMine Acquires 23,823 Ethereum Tokens
BitMine Immersion Technologies (BMNR) has acquired 23,823 Ethereum (ETH), worth about $103.68 million. This purchase strengthens BitMine’s position as the largest corporate holder of Ethereum.
The acquisition was tracked by Arkham data and reported by Lookonchain. The transfer came from a BitGo wallet linked to BitMine. The company has not yet confirmed the purchase officially.
BitMine’s Ethereum Holdings and Strategy
BitMine currently holds around 2.83 million ETH, valued at $12.4 billion, according to CoinGecko. This makes it the largest Ethereum treasury and the second-largest crypto treasury overall. The largest is Michael Saylor’s Strategy Bitcoin treasury.
Tom Lee, Fundstrat Co-Founder and BitMine Chairman, has stated his goal to own 5% of Ethereum’s total supply through BitMine. The company focuses on supporting Ethereum’s role in financial services and decentralized applications.
Market Context and Outlook
The acquisition occurred amid market fluctuations. BMNR stock closed down 1.5% at $59.10. Ethereum’s price fell 2% in 24 hours, trading at $4,353, according to CoinMarketCap.
BitMine’s ongoing Ethereum purchases show growing institutional interest in ETH. However, market volatility and regulatory changes may affect both Ethereum and corporate crypto holdings. Investors should conduct their own research before investing.
