BitMine Boosts Treasury With Additional 23,823 ETH Worth $103M

Crypto mining company BitMine Immersion Technologies has made a significant move in the cryptocurrency market by purchasing 23,823 Ethereum tokens worth over $103 million. The purchase was made at an average price of $4,350 per token.

The acquisition was funded through a mix of equity raises and convertible securities. The purchase, earlier confirmed by Lookonchain data, makes BitMine the largest corporate holder of Ethereum, with over 2.83 million ETH in total. 

BitMine Increases ETH Holdings

Per the Lookonchain report, BitMine received the ETH from a BitGo wallet associated with the company. The company has continued to make its ETH purchases through multiple transactions on major exchanges, which has helped keep prices stable and minimize market impact.

The recent purchase followed the company’s earlier acquisition of 179,251 ETH for $823 million earlier this week. Currently, BitMine has more than $13.4 billion in total crypto and cash holdings, which is a 20% increase since September. 

Others Join the ETH Wagon

While BitMine’s acquisition of Ethereum remains commendable, other notable treasuries have also made their mark. These companies are not just stopping at acquiring ETH but also transitioning into Ethereum staking and treasury companies. One such example is Bit Digital. 

The New York digital-asset firm recently spent $150 million to acquire 31,057 ETH, raising its total holdings to 150,244 ETH, valued at over $600 million. Additionally, SharpLink Gaming, another institution often described as “the MicroStrategy of Ethereum,” also purchased 56,533 ETH worth approximately $252 million the week ending August 24.

This brings the firm’s total holdings to 797,704 ETH. The stash is currently worth roughly $3.47 billion, and the increase comes after purchases executed between August 18 and 24. 

Meanwhile, Ethereum (ETH) is currently priced at $4,331.86, reflecting a slight decrease of 0.20% over the past 24 hours. Despite this dip, on-chain activity is rising, indicating strong network performance. Ethereum’s market cap stands at $522.7 billion, with a 24-hour trading volume of $38.6 billion, and the community remains optimistic about a potential market recovery per Coingecko data.

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