In a significant move, BitMine has increased its Ethereum treasury by an impressive $201 million. This strategic acquisition was made possible through BitGo, a renowned blockchain security company, as reported by Onchain Lens. According to Arkham data, BitMine received 46,255 ETH, distributed across three distinct addresses.
While one address is confirmed to belong to BitMine, the ownership of the other two remains uncertain. Onchain Lens has yet to disclose the methodology used to associate these wallets with BitMine. The company has not officially confirmed this substantial acquisition, but reports indicate that BitMine now holds a total of 2,126,018 ETH, valued at approximately $9.3 billion.
BitMine’s Ethereum Treasury Ambitions
The recent acquisition is part of BitMine’s ambitious goal to control 5% of Ethereum’s total supply. Earlier this week, the company reported that its total Ethereum holdings had reached 2.069 million tokens, solidifying its status as the world’s leading Ethereum treasury.
In addition to bolstering its Ethereum reserves, BitMine has made a $20 million strategic investment in Eightco Holdings (OCTO). This investment is part of Eightco’s $270 million PIPE initiative, which aims to secure Worldcoin’s WLD as its primary treasury asset.
Market Reaction and Future Prospects
BitMine’s strategic maneuvers have had a positive impact on its stock price, which closed up 2.24% at $45.6 on the NYSE. Over the past six months, the stock has seen an impressive increase of 714.3%, reflecting investor confidence in the company’s growth strategy.
As BitMine continues to expand its Ethereum treasury, the crypto market keenly watches its next moves. With a focus on accumulating a substantial portion of Ethereum’s supply, the company’s actions could have significant implications for Ethereum’s market dynamics.
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