Daniel Walker
BitMine Immersion Tech has added $64.7 million worth of Ethereum (ETH) to its reserves, according to blockchain analytics from Arkham. The company reportedly secured 14,665 ETH across six separate transactions processed through Galaxy Digital’s OTC trading wallet earlier on Wednesday.
While BitMine has not issued an official statement since its August update, on-chain activity suggests the firm is continuing its push to accumulate 5% of Ethereum’s total supply.
With its latest acquisition, BitMine’s treasury surpasses 1.75 million ETH, currently valued at $7.7 billion. This massive holding makes it the largest corporate Ethereum treasury, representing approximately 1.44% of ETH’s circulating supply, Arkham data shows.
Surge in Corporate Ethereum Treasuries
Corporate interest in Ethereum has accelerated throughout the summer. SharpLink Gaming, the second-largest ETH treasury, revealed on Tuesday that it had purchased 39,008 ETH, bringing its total stash to 837,230 ETH.
According to PRIME’s data dashboard, publicly listed Ethereum treasury firms now collectively control 2.77 million ETH. This wave of institutional accumulation is helping to fuel Ethereum’s price strength relative to other cryptocurrencies.
Ethereum Outperforms Bitcoin
Market data highlights Ethereum’s growing dominance. While Bitcoin slipped 3% over the past 30 days, Ethereum’s price has climbed nearly 20% during the same period, according to CoinGecko.
At the time of writing, ETH is up 2% in the last 24 hours, trading at $4,408, per PRIME’s Ethereum price index.
