BitMine Boosts Ethereum Treasury to 1.3M ETH with $730M Buys
Over recent weeks, BitMine has bolstered its Ethereum treasury through two dip purchases totaling 163,785 ETH (about $730 million). Initial acquisition of 28,650 ETH (~$130 million) was followed by 135,135 ETH (~$600 million), lifting the Ethereum treasury to 1.297 million ETH (≈$5.77 billion). This institutional investment underscores BitMine’s long-term confidence in Ethereum. Data from Arkham’s Lookonchain spotlights growing institutional interest in ETH.
BitMine timed the latest buy during a 2.18% ETH price dip to accumulate at lower levels. The firm is also investing in layer-2 solutions to enhance transaction speeds and will update investors on new partnerships and tech integrations. Market watchers note that total ETH reserves across firms and ETF wallets could soon exceed $70 billion.
Short-term Ethereum treasury price action will hinge on U.S. PPI data, Fed minutes and the Jackson Hole symposium. Sustained closes above $4,150 may drive Ethereum treasury valuations higher, while risk-off shifts could prompt sideways or downward moves.
Bullish
BitMine’s significant accumulation of ETH at market dips directly supports Ethereum’s price floor and indicates strong institutional demand, a bullish signal for traders. The boost in the Ethereum treasury to nearly 1.3 million ETH reduces circulating supply and may underpin upward price pressure over the long term. In the short term, Layer-2 investments and upcoming economic data could introduce volatility, but the sustained institutional buying is likely to outweigh temporary risk-off moves. Historical precedent shows large-scale treasury builds often precede price rallies, reinforcing a bullish market outlook for ETH.