Ethereum Update
Crypto giant Bitmine has expanded its Ethereum treasury, purchasing an additional 80,325 ETH worth nearly $358 million from Galaxy Digital and FalconX, according to Arkham data.
This move increases Bitmine’s total ETH stash to 1.94 million tokens, valued at roughly $8.69 billion. That’s more than double what SharpLink, the second-largest ETH holder, controls with around 837,230 ETH.
Just days earlier, Bitmine had disclosed holdings of 1.87 million ETH, which accounts for about 1.55% of Ethereum’s circulating supply.
Following Saylor’s Playbook?
The strategy echoes Michael Saylor’s well-known Bitcoin accumulation approach, with Bitmine aggressively building its ETH position despite price volatility. Large institutional players like Galaxy and FalconX continue to facilitate these sizable crypto transfers, reinforcing confidence in Ethereum’s long-term outlook.
Meanwhile, The Ether Machine has also been adding to its reserves, recently boosting its treasury by 150,000 ETH to reach a total of 500,000 ETH (worth about $2.19 billion).
Market Impact
Ethereum’s price has reacted positively, climbing to $4,385 — a 20% increase over the past month and an 84% jump in the last year (CoinMarketCap data). At the same time, CoinShares reports that ETH-based ETFs now manage $37.9 billion in assets, a sign of growing institutional appetite.
One unique factor driving ETH accumulation compared to Bitcoin is staking. Corporate treasuries holding ETH can earn yield, effectively turning reserves into income-generating assets. However, this also comes with risks: if sentiment shifts or large holders are forced to sell, volatility could spike.
What’s Next for ETH?
Experts believe Ethereum’s short-term trajectory depends on whether it can hold above the $4,450 resistance level. Unity Wallet COO James Toledano noted that rising Layer-2 adoption, improved network efficiency, and cheaper DeFi transactions have fueled recent on-chain activity. Still, he warned that markets often face late-summer corrections, even after strong rallies.
With institutional accumulation and staking incentives shaping Ethereum’s outlook, traders will be watching closely to see whether this aggressive buying trend leads to a lasting supply squeeze.
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