BitMine Immersion Tech has deepened its bet on Ethereum, acquiring nearly $65 million worth of ETH through crypto investment firm Galaxy Digital, according to on-chain data.
Blockchain analytics platform Arkham Intelligence reported that BitMine received 14,665 ETH in six separate transactions on Wednesday. The transfers were routed through Galaxy’s over-the-counter (OTC) trade wallet, a channel often used for large institutional purchases.
Building toward 5% of Ethereum’s supply
While BitMine has not publicly confirmed the acquisition, the move appears consistent with its long-term goal of accumulating 5% of Ethereum’s total supply.
The firm currently holds more than 1.75 million ETH — valued at roughly $7.7 billion — representing about 1.44% of Ethereum’s circulation, Arkham data shows. This makes BitMine the largest corporate Ethereum holder to date.
The race among treasury firms has intensified this summer. On Tuesday, SharpLink Gaming, the second-largest ETH treasury, announced a purchase of 39,008 ETH, lifting its total holdings to 837,230 ETH. Together, publicly listed companies now control 2.77 million ETH, according to data dashboard.
Institutional demand drives ETH momentum
The surge in corporate Ethereum treasuries is playing a key role in ETH’s market performance. Analysts note that growing institutional demand has contributed to Ethereum’s strong price action compared to other digital assets.
Over the past month, ETH has gained nearly 20%, while bitcoin slipped by 3%, according to CoinGecko. As of Thursday, Ethereum was trading around $4,408, up 2% in the last 24 hours, price tracker shows.
