BitMine acquires $65 million worth of ETH via Galaxy Digital: onchain data
BitMine Immersion Tech acquired $64.7 million worth of ETH through Galaxy Digital, signaling a further expansion of its crypto treasury.
Arkham Intelligence data shows that the digital asset treasury firm received 14,665 ETH across six transactions made earlier on Wednesday through Galaxy's over-the-counter trade wallet address.
Although the company has not officially confirmed any new acquisitions since late August, on-chain data indicates it is working towards its goal of acquiring 5% of ETH's total supply.
The ETH treasury firm currently holds over 1.75 million ether, worth around $7.7 billion, making it the largest corporate holder of ether, Arkham data shows. Its current holdings represent approximately 1.44% of the cryptocurrency's total supply.
Expand Chart
Corporate ether treasuries have expanded significantly this summer, fueled by rising institutional interest and strong spot ETH inflows. Runner-up ETH treasury firm SharpLink Gaming announced Tuesday that it bought 39,008 ETH, raising total holdings to 837,230 ETH.
According to The Block's data dashboard, publicly listed ETH treasury companies hold a total of 2.77 million ETH as of Wednesday.
The growth of corporate Ethereum treasuries is contributing to ether's outperformance relative to other digital assets, analysts have previously noted. While bitcoin dipped 3% in the past 30 days, ether price rose nearly 20%, according to CoinGecko data.
Ethereum is currently trading up 2% in the past 24 hours, trading at $4,408, The Block's Ethereum price data shows.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Western Digital CFO Refutes Claims of Peaking AI Demand: No Signs of Slowdown, Cooling Off Would Actually Help Us Catch Up with Demand Gap
Western Digital's CFO strongly supports AI storage demand, stating that hyperscale cloud providers are continuously expanding capital expenditures and are already discussing supply needs for 2030 to 2031. Although the company’s quarterly results exceeded expectations and profit guidance was raised, capital expenditures more than doubled compared to the same period last year, putting pressure on free cash flow. This has raised concerns in the market about the sustainability of investment returns in AI data centers, causing the stock to close down by about 3% on Friday.
Executives reveal new monetization strategy for Meta AI: Muse is ad-free but charges for enterprise services, and takes a commission on shopping through AI agents
Meta AI chief Alexandr Wang stated that Muse is available to regular users for free and that Meta has no plans to introduce advertisements. Meta plans to offer paid services to enterprises, but specific pricing and launch timeline have not been disclosed. He also mentioned that Meta's proprietary infrastructure, security systems, and data centers provide Muse with a competitive advantage that is difficult for rivals to replicate.
Report: The Trump administration plans to remove some tariffs on Canadian goods to boost the midterm elections
According to media reports, the Trump administration plans to exempt certain Canadian agricultural and forestry products from the 50% tariff, with an announcement as early as this Friday. To maintain the overall scale of tariffs, this tax reduction may be offset by imposing additional tariffs on other Canadian goods. The move is mainly intended to help Maine Senator Susan Collins retain her seat in the midterm elections, while it could also benefit other Republican candidates in trade-dependent states.
VWO ETF Closes Flat
Crypto prices
More
