- Main event, leadership changes, market impact, financial shifts, or expert insights.
- Purchase of 9,176 ETH valued at $29.14M.
- Reinforces institutional confidence and optimism in Ethereum.
A suspected Bitmine address acquired 9,176 ETH, valued at $29.14 million, from Galaxy Digitalโs OTC wallet. This action aligns with BitMine Immersion Technologiesโ pattern of significant Ethereum purchases, led by Tom Lee, amidst a broader market downturn.
The transaction highlights BitMineโs strategy of accumulating Ethereum, foreseeing its long-term potential. This move prompts optimism among institutional investors, underscoring Ethereumโs enduring value proposition in turbulent markets.
BitMine Immersion Technologies increased its Ethereum holdings by acquiring 9,176 ETH from Galaxy Digital. The Nasdaq-listed firm, led by Tom Lee, aims to control 5% of ETH supply, demonstrating confidence in Ethereumโs long-term value. Ethereumโs accumulation by BitMine comes amid market downturns, aligning with prior strategic acquisitions.
Galaxy Digital facilitated this transaction, showcasing its role in providing liquidity for institutional players.
BitMineโs continued large-scale purchases of ETH reflect institutional belief in Ethereum. The firm now controls 2.9% of the total ETH supply. The acquisition has not resulted in regulatory statements but reinforces institutional faith in Ethereumโs potential. Financial markets showed resilience as this acquisition coincides with short-term Ethereum price stabilization. The transaction affirms institutional trust in Ethereum, influencing potential future market behavior.
โThe recent dip in ETH prices presented an attractive opportunity and BitMine increased its ETH purchases this week. We acquired 110,288 ETH tokens over the past week, 34% more ETH acquired compared to the week prior. This pushed our ETH holdings to 3.5 million, or 2.9% of the supply of ETH. We are now more than halfway towards our initial pursuit of the โalchemy of 5%โ of ETH.โ โ Thomas Lee, Chairman, BitMine Immersion
Analysts suggest such institutional acquisitions might mitigate market volatility, offering potential price support. Historical ETH buying patterns show that strategic acquisitions often lead to broader market optimism and resilience, enhancing Ethereumโs ecosystem health.
About the author
BitMine Acquires $29.14M ETH from Galaxy Digital
BitMine Immersion acquires $29.14M in ETH from Galaxy Digital, reinforcing Ethereum confidence.
GoPlus Alerts Users of Malicious ETH Wallet Extension
GoPlus alerts users about the 'Safery: Ethereum Wallet' Chrome extension, which poses a significant security threat by stealing seed phrases through Sui blockchain transactions.
OKX Launches Integrated DEX in Main Platform
OKX introduces its decentralized exchange (DEX) functionality within its main platform and app, providing U.S. users with access to on-chain markets like Solana and Base, while ensuring asset self-custody.
Arbitrum Falls 8.67% Ahead of Token Unlock
Arbitrum faces an 8.67% decline amidst a significant token unlock, while Strike sees gains. The crypto community watches closely as liquidity dynamics unfold.
Discovery, Luno Launch In-App Crypto Trading in South Africa
Discovery Bank partners with Luno to introduce South Africaโs first in-app cryptocurrency trading service, starting December 2025, enabling trading of Bitcoin and Ethereum within the app.
VanEck Files SEC Form for Solana Spot ETF
VanEck has filed Form 8-A with the U.S. Securities and Exchange Commission for its Solana spot ETF, which may soon be listed on Nasdaq under the ticker symbol VSOL.
Related
SUI & DOGE Feel Like Gambling Next to Zero Knowledge Proof: $17M of AI Hardware Waiting to Ship
Discover Zero Knowledge Proofโs fully built crypto hardware, unlike Sui or Dogecoin hype. Unlock real value with $17M in ready-to-ship Proof Pods.
Zero Knowledge Proofโs Pods Use 99% Less Power Than Bitcoin Miners โ Whitelist Open Now
Zero Knowledge Proof Pods use 0.05 kWh/hour vs multi-kilowatt PoW miners. Discover why ZKP is the best crypto to invest in for energy efficiency and real AI rewards. Zero Knowledge Proofโs Pods Use 99% Less Power Than Bitcoin Miners - Whitelist Open Now
GoPlus Alerts Users of Malicious ETH Wallet Extension
GoPlus alerts users about the 'Safery: Ethereum Wallet' Chrome extension, which poses a significant security threat by stealing seed phrases through Sui blockchain transactions.
OKX Launches Integrated DEX in Main Platform
OKX introduces its decentralized exchange (DEX) functionality within its main platform and app, providing U.S. users with access to on-chain markets like Solana and Base, while ensuring asset self-custody.
AVAX Looks Weak, Toncoin Scrambles, But Zero Knowledge Proofโs $100M Buildout Shows Itโs Ready for Takeoff
Discover how Zero Knowledge Proofโs privacy-based AI network compares with Avalanche and Toncoin, making it the best crypto to buy for real transparency, usability, and immediate accessibility.
Arbitrum Falls 8.67% Ahead of Token Unlock
Arbitrum faces an 8.67% decline amidst a significant token unlock, while Strike sees gains. The crypto community watches closely as liquidity dynamics unfold.
