Bitmain Expands Ethereum Holdings with $147M ETH Purchase
Bitmain’s recent ETH purchases highlight a significant Bitmain ETH purchase strategy that shifts focus from Bitcoin mining to diversified digital assets. The Nasdaq-listed miner first acquired 7,660 ETH (≈$29.5 M) via Galaxy Digital, then executed a landmark buy of 41,792 ETH worth $147 M, including 18,271 ETH sourced from Kraken. This Bitmain ETH purchase underscores strong institutional confidence in Ethereum’s Proof-of-Stake transition and staking opportunities. By reducing exchange supply and boosting on-chain demand, these transactions signal potential price support. Traders should watch on-chain data and institutional wallet movements for liquidity changes and volatility cues in both the short and long term.
Bullish
Bitmain’s successive ETH purchases demonstrate growing institutional demand and confidence in Ethereum’s PoS network. The combined buy of nearly 50,000 ETH reduces available exchange supply, strengthening short-term price support. On-chain data showing large transfers and wallet accumulation often precede bull runs, as institutional wallet activity attracts retail interest. In the long term, Bitmain’s shift to staking-ready assets underlines belief in Ethereum’s fundamentals—scalability, DeFi growth and staking yields—suggesting sustained upward pressure on ETH’s market value.