Today, BitMine Immersion Technologies, the world's largest Ethereum treasury firm, acquired an additional $358.3 million in ETH. This move is accompanied by a growing interest from major institutional investors.
BitMine Increases Its ETH Reserves
BitMine purchased 80,325 ETH, coming from Galaxy Digital and FalconX. This transaction brings the company's total holdings to nearly 1.95 million coins worth $8.69 billion. Last week, BitMine also added 153,075 ETH valued at around $668 million.
Ethereum Market and Broader Investments
Other public companies are also actively buying ETH, raising the total purchases to over $1.2 billion this week. Meanwhile, data from Santiment shows that whales holding between 1,000 to 100,000 ETH have increased their positions by 14% over the past five months.
Positions of Major Investors and Ethereum Outlook
Currently, Ethereum shows resilience amid declines in other cryptocurrencies. ETH is trading at $4,372.49. The Etherealize group, aimed at promoting Ethereum among institutional investors, recently raised $40 million for developing tools to facilitate its adoption on Wall Street. Ethereum remains the leading blockchain in terms of Total Value Locked (TVL), securing over $91.319 billion.
Thus, the active investment in Ethereum and the support from prominent institutions highlight the growing interest in cryptocurrencies and their potential use in traditional markets.
