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Key Takeaways
BitMine Immersion Technologies boosted its Ethereum holdings to over 2.1 million ETH this week, solidifying its position as the largest corporate ETH holder.
Blockchain firm BitMine Immersion Technologies has doubled down on Ethereum [ETH], acquiring $200.43 million worth of ETH from digital asset custodian Bitgo, its second major purchase this week.
BitMine’s Ethereum bet
Data from Lookonchain showed that BitMine snapped up 46,255 Ether across three transactions on the 10th of September, solidifying its position as the public company with the largest Ethereum holdings.
Remarkably, these purchases nearly matched last week’s cumulative ETH acquisitions by treasury firms.
BitMine Immersion Technologies began the week with a massive acquisition of 202,500 Ether on the 8th of September, pushing its total holdings past the milestone of 2 million ETH for the first time.
With the 8th of September’s additional $200 million purchase, BitMine’s Ethereum treasury now exceeded 2.1 million ETH, valued at over $9.2 billion, benefiting from a 2% price gain in the token over the past 24 hours.
SharpLink joins the fray
Following the trail, SharpLink Gaming, the second-largest Ethereum treasury company, also transferred 379 million USDC to Galaxy Digital, which held $17.47 million in USDC as per Lookonchain data.
The stablecoins were subsequently moved to Binance, though it remained unclear if SharpLink would convert the funds into additional ETH.
Historically, similar on-chain transactions have preceded ETH purchases by the firm, which currently holds $3.6 billion worth of Ethereum.
Ethereum price action and other trends
The recent flurry of institutional activity comes amid ETH trading at $4,430.88, up 2.33% over the past 24 hours, according to CoinMarketCap.
Ethereum exchange-traded funds also saw significant momentum, recording $171.5 million in inflows, per Farside Investors.
Meanwhile, ARK Invest, led by Cathie Wood, also increased its exposure to crypto-linked equities through a fresh $4.46 million investment in BitMine across three of its ETFs.
Collectively, these developments highlight a growing institutional appetite for Ethereum and broader crypto assets, signaling confidence in the long-term potential of the market.