Bitmine Expands ETH Treasury, Scoops $201M Worth Ethereum From Bitgo

Bitmine, often referred to as the Ethereum ‘Strategy,’ has received 46,255 ETH, worth $201 million, from a BitGo wallet across three addresses.

Onchain Lens, a blockchain analytics platform, reported on Thursday that the publicly traded Bitcoin mining company now owns a total of 2,126,018 ETH worth $9.24 billion.

Citing Arkham, it said that one wallet has been identified as Bitmine’s, while the other two wallets remain unnamed.

The new purchase signals Bitmine’s continued confidence in ETH as a long-term investment. As of August 31, Bitmine held 1,866,974 ETH with an average cost of $3,883.

Further, the development comes a week after Bitmine scooped 80,325 ETH valued at $358 million from Galaxy Digital and FalconX. The firm plans to hold 5% of ETH’s total supply.

Bitmine Becomes First Largest ETH Treasury Firm Globally

On Monday, the BTC miner turned ETH accumulator announced its crypto and cash holdings exceeding $9.21 billion.

The company stands second in global crypto treasury, after Michael Saylor’s Strategy, which currently has a stash of nearly $73 billion worth of BTC.

“The power law benefits large holders of ETH, hence, we pursue the ‘alchemy of 5%’ of ETH,” Thomas Lee, Chairman of Bitmine, said in a statement. Bitmine remains an example for crypto treasury peers by the velocity of raising crypto NAV per share, he added.

Additionally, Lee believes that ETH could be “one of the biggest macro trades over the next 10-15 years,” adding that the majority of Wall Street’s transformation into blockchain is happening on Ethereum.

Institutional Flex Despite Choppy Price Action

Bitmine’s latest 46k ETH buy is a clear signal that institutions are doubling down despite choppy price action.

Social chatters confirm that massive withdrawals such as these, shrink exchange liquidity, pushing a bullish supply narrative.

Ethereum rose 2.29% in the past 24 hours, outperforming the broader crypto market. The world’s second-largest crypto is hovering just above $4,400 at press time.

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