BitMine Expands Ethereum Treasury with $65M Acquisition via Galaxy Digital

BitMine Immersion Tech, a digital asset platform, has acquired almost $65 million worth of Ethereum (ETH) through Galaxy Digital. The purchase of $64.7 million was executed across six transactions earlier this week. It reflects the company’s continued aim to expand its digital asset holdings.

According to Arkham Intelligence, a blockchain analytics firm, BitMine received 14,665 ETH through Galaxy Digital’s over-the-counter trade wallet address. Although the digital asset platform has not officially confirmed any acquisition since late August, on-chain data suggests that BitMine has been working towards its goal of securing 5% of Ethereum’s total supply.

BitMine now has more than 1.75 million ETH, which is worth over $7.7 billion, thanks to this most recent deal. This means that the corporation is the biggest corporate holder of Ethereum, holding around 1.44% of the total supply of the cryptocurrency.

The expansion of BitMine’s treasury comes at a time when institutional interest in Ethereum has been accelerating. SharpLink Gaming, another major corporate holder, disclosed on Tuesday that it had acquired an additional 39,008 ETH, pushing its total reserves to 837,230 ETH. Together, public corporate treasuries now control over 2.77 million ETH, according to The Block’s data dashboard.

Analysts note that the growing presence of institutional Ethereum buyers has helped the asset outperform much of the broader crypto market. While Bitcoin has slipped roughly 3% over the past month, Ethereum has gained nearly 20%, maintained by strong inflows and renewed confidence in its long-term potential.

As of press time, Ethereum was trading 2% higher in the past 24 hours at $4,408, according to The Block’s price tracker. BitMine’s latest acquisition underscores the increasing role of corporate treasuries in shaping market dynamics for the world’s second-largest cryptocurrency.