BitMine Bolsters Ethereum Treasury with Additional $201 Million Acquisition via BitGo

BitMine Immersion Technologies, a prominent blockchain technology company, has significantly expanded its Ethereum (ETH) holdings by adding 46,255 ETH, valued at approximately $201 million, to its corporate treasury. The acquisition, reported by blockchain analytics platform Onchain Lens, was facilitated through BitGo, a leading digital asset custodian. "BitMine adds $201 million worth of ETH to treasury via BitGo: Onchain Lens," stated The Block in a recent tweet, highlighting the crypto miner's continued aggressive accumulation strategy.

This latest move reinforces BitMine's position as the world's largest corporate holder of Ethereum, bringing its total ETH treasury to over 2.126 million tokens, with a reported value approaching $9.3 billion. The company, which has pivoted from primary Bitcoin mining, aims to accumulate 5% of Ethereum's total supply, a strategy Chairman Thomas Lee refers to as the "alchemy of 5 percent." This long-term bet on the Ethereum network underscores BitMine's confidence in the blockchain's future.

Onchain Lens, citing data from Arkham, identified the 46,255 ETH transfer originating from a BitGo wallet across three addresses, with two linked to BitMine through forensic analysis. This substantial acquisition follows previous large ETH purchases by BitMine, including 80,325 ETH valued at $358 million from Galaxy Digital and FalconX just a week prior. The use of institutional custodians like BitGo signals a focus on secure and compliant management of its growing digital asset reserves.

BitMine's aggressive crypto treasury strategy has resonated positively with investors, with the company's stock (BMNR) seeing a significant surge of over 700% in the past six months. This performance reflects growing investor confidence in its Ethereum-centric approach and its ability to increase net asset value (NAV) per share. Market observers note that large institutional withdrawals, such as BitMine's, contribute to a bullish supply narrative by reducing liquid supply on exchanges.

Beyond Ethereum, BitMine is also diversifying its digital asset influence, as evidenced by a recent $20 million strategic investment in Eightco Holdings (OCTO). This investment is part of a broader $270 million private investment in public equity (PIPE) deal supporting Eightco's plan to adopt Worldcoin (WLD) as its primary treasury asset. This broader ambition positions BitMine to influence the future of digital asset treasuries across various blockchain ecosystems.