BitMine Immersion Technologies has significantly increased its Ethereum treasury with an impressive purchase of 98,852 ETH, valued at approximately $88 million. This move comes as blockchain observers have noted substantial custodial flows linked to this acquisition, reinforcing the company”s ongoing strategy of accumulating Ethereum.
The recent purchase elevates BitMine”s total ETH holdings to a staggering 4,066,062 ETH, with an average acquisition cost reported at $2,991 per ether. This positions the company”s Ethereum stockpile at an estimated market value of around $12 billion based on current pricing. The acquisition indicates BitMine”s ambition to reach up to 5% of Ethereum”s circulating supply, despite facing headwinds from recent market declines.
Market analysts have suggested that the latest accumulation was tied to transactions associated with major custodians BitGo and Kraken, where approximately 29,462 ETH was reportedly acquired in a single day. This activity has not been formally confirmed by BitMine, yet it aligns with their disclosed filings, which indicate a proactive accumulation strategy that has characterized their operations throughout the year.
Despite recent pressures on both ETH and BitMine”s stock (BMNR), the company appears undeterred in its long-term positioning approach. The focus on building a concentrated treasury underscores a broader strategy in a market that is often influenced by single large buyers. Analysts suggest that large movements in treasury assets can create volatility, prompting investors to closely monitor on-chain behaviors and subsequent official filings.
This latest development marks a critical juncture for both BitMine and the Ethereum ecosystem, as the actions of corporate players like BitMine can significantly affect market dynamics and investor sentiment.
