BitMine holds over 1 million ETH! Institutional buying drives Ethereum up to $4,300

Ethereum (ETH) broke through $4,300 this Monday, reaching a new high since December 2021, just a step away from its historical peak. The core driving force behind this pump comes from the continued acquisition by large institutions such as BitMine and SharpLink, with enterprise-level buying pushing ETH toward new price milestones.

BitMine becomes the first institution to hold over 1 million ETH

(Source: PRNewswire)

According to the latest announcement on August 10, the ETH reserves of the cryptocurrency mining giant BitMine Immersion (BMNR) have increased to 1.15 million, with a market value close to 5 billion dollars.

In just one week, the value of BitMine's ETH holdings increased by over 2 billion USD, with a pump of more than 70%.

The company's fund management platform completed 20% of its goal to "acquire 5% of the total supply of ETH" just one month after its launch.

This data solidifies BitMine's position as the world's largest enterprise-level ETH fund management platform.

SharpLink's $900 million acquisition plan

The second largest institutional holder after BitMine, SharpLink Gaming, is also accelerating its布局.

This Monday, SharpLink announced that it has reached a $400 million equity acquisition agreement with investors to expand its ETH holdings.

Last week, the company raised $200 million, bringing its total available funds for the acquisition of ETH to $900 million.

As of August 10, SharpLink has held 598,800 ETH, and with the funds yet to be deployed, the total value is expected to exceed 3 billion dollars.

More institutions join the ETH acquisition war

The NASDAQ-listed company Fundamental Global (FG Nexus) recently increased its ETH holdings to 47,331 coins through a $200 million private placement and plans to create long-term returns for shareholders through staking and re-staking strategies.

The company has submitted a $5 billion suspended issuance document to the US SEC for future continued acquisitions of altcoin assets.

Institutional buying drives ETH close to all-time high

With the push from these enterprise-level buy orders, the price of ETH broke through $4,300 on Monday, just about 12% away from the historical high of $4,868 set in 2021.

Since the emergence of Ethereum fund management companies in early June, institutions have cumulatively purchased about 2.4 million ETH, driving the price of ETH to rise over 60% during this period.

Analyst Outlook: ETH Could Aim for $30,000

Thomas Lee, Chairman of BitMine and Chief Information Officer of Fundstrat, stated in an interview with CNBC that as the regulatory landscape for the Ethereum ecosystem becomes clearer, "ETH is迎來類似 2017 年的黃金時刻."

He pointed out that since Bitcoin has been regarded by Wall Street as "digital gold," its price has risen more than 120 times, which means that ETH may also replicate a similar trend, with long-term potential looking at $30,000.

Conclusion

BitMine's holdings have surpassed 1 million ETH, SharpLink has increased its investment by 900 million USD, and more institutions are pouring in, injecting unprecedented buying momentum into the Ethereum market. As ETH approaches its historical highs, the market is watching whether this wave of institutional acquisitions will serve as a catalyst for ETH to enter a new round of price discovery. For more real-time market data and institutional dynamics, please follow the official Gate platform.