BitMine Immersion Technologies has expanded its Ethereum reserves with a US$200M (AU$304M) purchase from digital asset custodian Bitgo, marking its second major acquisition this week.
According to on-chain data by Lookonchain, BitMine acquired 46,255 ETH across three transactions. The firm already leads all public companies in Ether holdings.
Earlier this week, BitMine bought 202,500 ETH, pushing its treasury above 2 million ETH for the first time. With the latest acquisition, the company now controls more than 2.1 million ETH valued at US$9.2 billion (AU$14bn).
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The scale of BitMine’s purchases nearly matches last week’s combined ETH acquisitions by other treasury firms, according to Strategic ETH Reserve data. The company’s lead over its closest peer has widened: Sharplink Gaming, the second-largest public ETH holder, maintains a balance of about 837,000 ETH.
Back in August, ETH-based treasury holdings skyrocketed to over 4.1M, worth over US$17B (AU$26B), scattered across 70 institutions with more than 100 ETH each.
One reason why ETH treasuries are becoming more attractive is because they’re an “investable” way to access ETH’s price growth, according to Standard Chartered, even though US spot ETFs already provide that service. The difference is that treasury firms are providing higher yield opportunities and strong net asset value multiples.
Ether surged over 2% over the past 24 hours. Better that than nothing… one could argue, but generally most of the crypto market remains flat, with Bitcoin steady at US$114K (AU$171K) and the broader crypto market hovering above the US$4T (AU$6T) mark, per CoinGecko data.
Related: Crypto Miners Surge on US$17.4B Microsoft–Nebius AI Chip Deal
The post BitMine Adds $201M in Ether, Boosting Treasury Toward 5% Supply Goal appeared first on Crypto News Australia.
Also read: Analysts Say Bitcoin Stuck in Tight Range as ETF Flows Slow and Derivatives Dominate
