Blockchain tech firm BitMine Immersion Technologies has added to its massive Ether holdings for the second time this week, buying $200 million worth from digital asset trust Bitgo.
Blockchain data reviewed by Lookonchain shows BitMine purchased 46,255 Ether (ETH) across three transactions with Bitgo on Wednesday.
BitMine has the largest ETH holdings of any public company, and its two purchases this week alone almost match the amount of ETH bought by treasury firms last week, per Strategic ETH Reserve data.
It comes amid a week of crypto buying from other non-Ethereum-related treasury companies, which have sent their respective shares soaring.
BitMine’s buys lead ETH treasury firms
BitMine started the week with a purchase of 202,500 Ether on Monday, which sent its holdings over a milestone 2 million ETH for the first time.
Its latest purchase brings its total holdings to over 2.1 million ETH, valued at over $9.2 billion, which was helped by a 2% gain in the token’s price over the last day. It also puts it further ahead of the second-largest ETH holding company, Sharplink Gaming, which has more than 837,000 ETH in its treasury.
Source: LookonchainLast week, ETH buying companies scooped up a total of 273,300 ETH, led by a 150,000 ETH purchase from The Ether Machine, followed by a 74,300 ETH buy from BitMine.
Bitcoin buying lags, but share prices still soar
Meanwhile, Bitcoin (BTC) treasury buying slowed this week.
Cointelegraph found that public firms made only four Bitcoin buys since Monday, with a total value of around $60 million, far below the week prior.
Pop Culture Group (CPOP), a firm that promotes Chinese hip hop, is the largest buyer so far this week with a $33 million purchase of 300 BTC on Wednesday.
The announcement boosted its share price by over 40% in early trading, and it finished the day at a gain of 12.5% at $1.62.
The oil and gas shipper Robin Energy (RBNE) saw its stock gain over 150% in early trading on Wednesday after it said it bought $5 million worth of Bitcoin, though it later fell to just a 21% gain at the end of the trading day and fell another 25% after the bell to $1.73.
Meanwhile, the UK-based The Smarter Web Company purchased $3.4 million (2.5 million British pounds) of Bitcoin on Wednesday, the same day Sweden’s H100 Group bought 21 BTC for $2.4 million.
Japan’s Metaplanet made the week’s first buy, announcing a 136 BTC buy worth around $15 million on Monday.
Public firms see stock boosts on crypto buys
Other companies gained on promises to buy cryptocurrency.
Hong Kong’s QMMM Holdings closed trading on Tuesday at an over 1,700% gain after saying it’d initially spend $100 million buying Bitcoin, ETH and Solana (SOL). Its shares closed down nearly 50% on Wednesday.
The e-commerce inventory management platform Eightco Holdings saw its shares close trading on Monday up over 3,000% after it planned a $270 million raise to buy Worldcoin (WLD). Its shares dropped 40% during Wednesday’s trading.
However, NYDIG global head of research Greg Cipolaro said on Friday that the premiums of crypto buying companies are falling, adding a “bumpy ride may be ahead” for such firms as many await merger and capital deals to go public, which could see a “substantial wave of selling” from shareholders.
Magazine: How Ethereum treasury companies could spark ‘DeFi Summer 2.0’
Source: https://cointelegraph.com/news/bitmine-widens-lead-biggest-ethereum-treasury-200m-buy?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
