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.

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.