Ethereum-focused investment firm Bitmine Immersion Technologies (BMNR) has significantly expanded its Ethereum (ETH) holdings. Bitmine has received approximately 14,665 ETH, valued at $65.32 million, from Galaxy Digital.
The transaction was spotted on Arkham Intelligence. Galaxy Digital sent a series of Ethereum transfers to Bitmine, ranging from about 2,200 to 3,300 ETH each.
With this, Bitmine’s ETH holdings now stand at approximately 1.87 million ETH, equivalent to around $8.32 billion in total value. Bitmine is also now the biggest holder of Ethereum globally.
Growing Ethereum Treasury
Bitmine didn’t begin constructing its Ethereum treasury until late June, but it has already made a splash in the marketplace. Now it is the second-largest crypto treasury in general, second only to Strategy Inc. (MSTR), which has more than 629,000 Bitcoin valued at $71 billion.
In August, Bitmine also filed with the SEC to increase its at-the-market (ATM) offering, so it could sell up to $24.5 billion of stock. The revised plan, adding on $20 billion of prior offerings, will assist the company in bolstering its balance sheet and increasing its ETH reserves.
Meanwhile, Cathie Wood’s ARK Invest is showing confidence in Bitmine’s future. ARK purchased 339,113 BMNR shares worth about $15.6 million, spread across its three ETFs. This brings ARK’s total investment in Bitmine to over $300 million, making it one of its largest crypto-related bets, just behind Coinbase.
Data from Yahoo Finance shows that Bitmine Immersion Technologies (BMNR) has seen notable stock movements recently. The stock closed at $44.86, up 5.58% for the day, before slipping slightly overnight to $44.38. Year-to-date, BMNR has surged an impressive 518%.
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