"BitMine's latest move in its ambitious Ethereum strategy saw the company acquire an additional 80,325 ETH, valued at $358 million, from major crypto players Galaxy Digital (NASDAQ:GLXY) and FalconX. This purchase included 14,665 ETH from Galaxy Digital ($65 million) and 65,000 ETH from FalconX ($293 million). The acquisition follows a week where BitMine added 153,075 ETH worth $668 million, bringing its total holdings to 1,947,299 ETH - approximately 1.55% of Ethereum's circulating supply."
"This shift underscores Ethereum's growing appeal among institutional investors, with its robust blockchain infrastructure and staking yields drawing significant attention. Van Eck Funds, in a recent Fox Business interview. The cryptocurrency is witnessing surging inflows while Bitcoin (NYSEAMEX:BMNR) is at the forefront of this trend, aggressively accumulating ETH to bolster its treasury, pushing its holdings to nearly 1.95 million ETH by early September, valued at $8.69 billion. This buying spree has BitMine Immersion Technologiescontributed to ETH's 21% monthly price rally, outpacing the broader crypto market."
Ethereum has attracted substantial institutional interest, earning the nickname 'Wall Street Token' as inflows increase and staking yields draw attention. Bitcoin is experiencing capital outflows while several firms aggressively buy ETH to bolster treasuries. BitMine Immersion Technologies has accumulated roughly 1.95 million ETH, valued at $8.69 billion, after recent purchases from Galaxy Digital and FalconX, bringing its holdings to about 1.55% of circulating supply. Competitors including SharpLink Gaming and The Ether Machine are also increasing ETH acquisitions, intensifying competition for supply. BitMine aims to control 5% of total ETH supply, a target that could tighten available supply and alter market dynamics.
Read at 24/7 Wall St.
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