Crypto mining firm BitMine has significantly expanded its Ethereum holdings, acquiring 208,137 ETH in a single week.
This aggressive purchase brings BitMine’s total Ethereum reserves to 833,137 ETH, valued at over $3 billion based on current market prices.
The substantial accumulation underscores a marked increase in institutional confidence surrounding Ethereum (ETH).
Following the news and broader market sentiment, the price of ETH surged nearly 6% to approximately $3,730, reflecting robust market demand.
BitMine now leads institutional holders of ETH, outpacing entities such as SharpLink Gaming and The Ether Machine.
This confidence influx is driven not only by large-scale acquisitions but also by notable endorsements from prominent investors like Bill Miller III and Cathie Wood.
Market analysts anticipate further positive momentum. Experts, including Fundstrat’s Tom Lee, highlight favorable macroeconomic conditions and potential Federal Reserve policy adjustments as catalysts for a possible strong market rally in the near term.