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.

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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.