BitMine, a publicly traded Bitcoin mining company, has significantly expanded its Ethereum reserves with a major acquisition from institutional custodian BitGo. The transaction involved 46,255 ETH valued at approximately $201 million, transferred across three addresses identified through blockchain analytics platforms Arkham Intelligence and Onchain Lens.
This latest purchase brings BitMine's total Ethereum holdings to 2,126,018 ETH, valued at $9.24 billion at current prices. The company now holds the largest Ethereum treasury globally and ranks as the second-largest cryptocurrency treasury overall, behind only MicroStrategy's Bitcoin holdings valued at nearly $73 billion.
The acquisition represents BitMine's continued aggressive accumulation strategy, coming just one week after the company purchased 80,325 ETH worth $358 million from Galaxy Digital and FalconX. As of August 31, BitMine held 1,866,974 ETH with an average cost of $3,883 per token.
Thomas Lee, Chairman of BitMine, stated: "The power law benefits large holders of ETH, hence, we pursue the 'alchemy of 5%' of ETH." Lee believes Ethereum could be "one of the biggest macro trades over the next 10-15 years," noting that the majority of Wall Street's transformation into blockchain is happening on Ethereum.
Market analysts suggest that such large withdrawals from exchanges reduce available liquidity, creating a bullish supply narrative. Ethereum has already responded positively, rising 2.29% in the past 24 hours and trading above $4,400 at press time, outperforming the broader crypto market.
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