Ethereum supply shock? BitMine adds $200 mln ETH in 48 hours

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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. Quite the humble brag, eh?

In an exhilarating display of financial fortitude, BitMine Immersion Technologies has decided to embrace Ethereum [ETH] like a gambler clutching their last coin at a casino. The firm acquired a jaw-dropping $200.43 million worth of ETH from the digital asset custodian, Bitgo. This marks its second major purchase of the week – because who wouldn’t want to throw a bit of extra cash into Ethereum’s already bulging wallet?

BitMine’s Ethereum Bet

According to the trusty data from Lookonchain, BitMine was on a bit of a buying spree. The company scooped up a neat 46,255 Ether across three separate transactions on the 10th of September, sealing its place as the big fish in the Ethereum pond. Remember, this is not some scrappy startup. We’re talking about the public company with the largest Ethereum holdings. In case you missed that part, they’re *really* into ETH.

And just in case you were wondering, these purchases almost matched last week’s total ETH haul from various treasury firms. BitMine Immersion Technologies started the week with an absolutely monumental acquisition of 202,500 Ether on the 8th of September. No big deal – just pushing its total holdings past the illustrious 2 million ETH mark for the very first time. Ah, the sweet smell of power (and profits). 😎

By the time the 8th of September came around, BitMine’s Ethereum treasury had surpassed 2.1 million ETH, now worth more than $9.2 billion. This was aided by a lovely 2% price gain in the token over the past 24 hours. Who says money can’t buy happiness, right?

SharpLink Joins the Fray

In a delightful twist, SharpLink Gaming, Ethereum’s second-largest corporate hoarder, decided it was time to join the fun. The company transferred a neat $379 million in USDC to Galaxy Digital, which then held a modest $17.47 million in USDC, according to Lookonchain. These stablecoins then found their way to Binance – though it remains a mystery whether SharpLink would transform this into more glorious Ethereum. They are such teases, aren’t they?

Historically, such transactions have often led to additional ETH purchases. SharpLink Gaming now holds an impressive $3.6 billion worth of Ethereum. Let’s just say they know what they’re doing.

Ethereum Price Action and Other Trends

As the financial world buzzes with institutional activity, Ethereum is trading at a cool $4,430.88, up a modest 2.33% over the past 24 hours, according to CoinMarketCap. Not a bad day for Ethereum, considering it’s just the start of a *much* larger play.

Ethereum exchange-traded funds (ETFs) have also enjoyed a delightful little surge, recording a whopping $171.5 million in inflows, according to Farside Investors. It’s almost as if people are beginning to realize that crypto might just be the future.

Oh, and just to add some extra spice, ARK Invest, led by none other than Cathie Wood (the queen of innovation), has decided to up its exposure to crypto-linked equities. They made a fresh $4.46 million investment in BitMine across three of its ETFs. A drop in the ocean, perhaps, but it’s the *right* drop. 🌊

All in all, these developments are painting a rather rosy picture for Ethereum and the broader crypto ecosystem. With institutions continuing to pile in, it’s clear that they’re betting on Ethereum’s long-term potential. We, the humble observers, can only sit back and marvel at this grand game of digital Monopoly. 🏦

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2025-09-12 05:15