BitMine adds 27,316 ETH worth $113 million to its crypto treasury

Source Cryptopolitan

BitMine Immersion has reportedly purchased approximately $113 million worth of Ethereum (ETH) from digital asset custodian BitGo, according to blockchain data shared by on-chain analytics platform Lookonchain using Arkham Intelligence data.

The transaction, carried out via wallet address “0xDc8…3a07f,” involved approximately 27,316 ETH and marks BitMine’s continued aggressive accumulation strategy.

While the company has not officially confirmed the transaction, the data aligns with its October 27 post on X, which shows $14.2 billion in crypto and cash.

BitMine expands its Ethereum holdings as part of 5% supply target

BitMine is now the largest public holder of Ethereum in the world and the second-largest cryptocurrency treasury overall behind Strategy, which holds more than 640,000 Bitcoin (around $74 billion). 

After the recent purchase, the company now owns about 3.3 million ETH (over $13 billion at the current prices), but plans to own 5% of all Ethereum in circulation (6.04 million ETH). It is already more than halfway toward its goal, as the 3.3 million ETH sites represent 2.8% of the total supply.

The firm, which manages one of the biggest corporate crypto treasuries, has positioned Ethereum as a core part of its investment portfolio, contrary to the Bitcoin-focused approaches preferred by most institutional investors.

BitMine has also devoted money to other small but high-potential projects, or “moonshots” in its terminology. The company invested $88 million in Eightco Holdings to diversify its portfolio and support other projects that create opportunities for profit and influence.

At the time of the transfer, Ethereum was changing hands at around $4,023 after holding above $4,000 several times, CoinMarketCap data showed. The occurrence follows a renewed institutional focus on Ethereum, with the rehearsal of the impending Fusaka upgrade taking place just hours ago, in preparation for the mainnet hard fork launch.

The test, which went live around 18:53 UTC on the Hoodi testnet, involved implementing a series of code changes designed to make Ethereum more scalable and cost-efficient.

Analysts suggest that BitMine’s latest purchase could signal growing confidence in Ethereum’s long-term value proposition and its position as a programmable financial infrastructure rather than a purely speculative asset by gradually accumulating coins. 

Tom Lee and institutional investors support the long-term financial role of ETH

Tom Lee, co-founder of BitMine, is one of the most active supporters of Ethereum on Wall Street. He calls the coin a “truly neutral chain” because it works fairly for everyone and does not favor any person, company, or government. Lee believes that this neutrality makes ETH the best choice for various financial services and that more people will choose it because it is flexible, reliable, and secure. 

Investors and organizations, including Ark Invest, Galaxy Digital, Bill Miller III, Founders Fund, Kraken, and Pantera Capital, have also supported the company in various ways. Their backing indicates that major investors view ETH as a long-term investment opportunity rather than a speculative asset.

Market experts also note that the approach BitMine used aligns with Lee’s view of how financial markets should function. He often said that ETH performs best when the global economy is growing and investors are more willing to take a risk. Lee thinks developments like improving U.S.-China trade relations could help Ethereum grow stronger. 

However, even after BitMine purchased $113 million worth of ETH, the market price of the coin still decreased by 2.36% in the past 24 hours and now trades at around $4,000. This drop demonstrates that ETH can still experience fluctuations in price, sentiment, and trading activity, just like any other cryptocurrency.

The company has taken a different approach from other big players when it comes to handling its ETH supply. ETHZilla recently sold $40 million in Ethereum to fund share buybacks, while SharpLink invested $200 million into the Linea ecosystem, opting not to hold more Ethereum. From this, we can confidently conclude that some large holders prefer cash and liquidity, while others focus on new projects; BitMine aims to increase its ETH supply steadily. 

Get seen where it counts. Advertise in Cryptopolitan Research and reach crypto’s sharpest investors and builders.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold Price Forecast: XAU/USD gains momentum to near $3,650, eyes on US CPI releaseThe Gold price (XAU/USD) gains momentum to near $3,645 during the early Asian session on Thursday.
Author  FXStreet
Sep 11, Thu
The Gold price (XAU/USD) gains momentum to near $3,645 during the early Asian session on Thursday.
placeholder
Silver Price Forecast: XAG/USD plummets below $48 on US-China trade deal optimismSilver price (XAG/USD) trades 1.5% lower, slightly below $48.00 during the late Asian trading session on Monday.
Author  FXStreet
Oct 27, Mon
Silver price (XAG/USD) trades 1.5% lower, slightly below $48.00 during the late Asian trading session on Monday.
placeholder
Fed’s October Rate Cut: Easing Cycle Continues, Gold Likely to Keep RisingLooking ahead, the Federal Reserve's interest rate meeting on 29 October will be a pivotal event shaping gold price trends.
Author  TradingKey
Oct 27, Mon
Looking ahead, the Federal Reserve's interest rate meeting on 29 October will be a pivotal event shaping gold price trends.
placeholder
4 US Economic Events with Crypto Implications This WeekThis week will be action-packed, with multiple US economic events scheduled that are poised to influence traders’ and investors’ portfolios.
Author  Beincrypto
Oct 27, Mon
This week will be action-packed, with multiple US economic events scheduled that are poised to influence traders’ and investors’ portfolios.
placeholder
Microsoft Q1 Earnings Preview: AI-Powered Cloud Growth Fuels Wall Street’s “Zero Sell” ConsensusMicrosoft has beaten EPS estimates in nine of the past ten quarters. If Q3 delivers strong results, it would mark the 10th consecutive beat.
Author  TradingKey
Yesterday 09: 37
Microsoft has beaten EPS estimates in nine of the past ten quarters. If Q3 delivers strong results, it would mark the 10th consecutive beat.
goTop
quote