Blockchain firm BitMine Immersion Technologies has made a significant move in the Ethereum market, acquiring $200.43 million worth of ETH from digital asset custodian Bitgo. This marks its second major purchase within the week. According to data, BitMine acquired 46,255 Ether through three transactions on September 10th, reinforcing its status as the public company with the most significant Ethereum holdings.
Interestingly, these purchases came close to matching the total ETH acquisitions by treasury firms from the previous week. BitMine Immersion Technologies kicked off the week with a significant acquisition of 202,500 Ether on September 8th, elevating its total holdings beyond the impressive milestone of 2 million ETH for the first time. BitMine made an additional purchase of $200 million, bringing its Ethereum treasury to over 2.1 million ETH, which is now valued at more than $9.2 billion. This increase comes on the heels of a 2% price gain in the token over the last 24 hours. In a notable move, SharpLink Gaming, recognized as the second-largest Ethereum treasury company, has transferred a substantial 379 million USDC to Galaxy Digital, which was holding $17.47 million in USDC.
The stablecoins were later transferred to Binance, but it was still uncertain whether SharpLink would convert the assets into more ETH. In the past, comparable on-chain transactions have often come before the firm’s acquisitions of ETH, which now total an impressive $3.6 billion in Ethereum holdings. Amidst a surge in institutional interest, ETH is currently trading at $4,430.88, reflecting a 2.33% increase over the last 24 hours. Ethereum exchange-traded funds experienced notable momentum, with inflows reaching $171.5 million.
In a notable move, ARK Invest, under the leadership of Cathie Wood, has ramped up its stake in crypto-related equities with a new $4.46 million investment in BitMine, distributed across three of its ETFs. The recent developments underscore a rising institutional interest in Ethereum and the wider crypto landscape, indicating a strong belief in the market’s long-term prospects.