Arkham data revealed that the largest Ethereum corporate holder, Bitmine, scooped a fresh 80,325 ETH on Thursday, valued at $358 million from Galaxy Digital and FalconX.
Called the Ethereum ‘Strategy,’ Bitmine now holds a total of 1,947,299 ETH, valued at $8.69 billion, per on-chain analyst EmberCN.
This means that the total stash is more than double the holdings of SharpLink, the second-largest ETH holder.
As of August 31, Bitmine held 1,866,974 ETH with an average cost of $3,883, while SharpLink held 837,230 ETH with an average cost of $3,594.
The purchase comes a day after the publicly traded Bitcoin mining company announced that it holds 1.87 million Ethereum tokens. This is nearly 1.55% of the entire ETH supply.
This development underscores how institutional players like Galaxy Digital and FalconX are facilitating large-scale crypto movements.
The transfers highlight Bitmine’s aggressive ETH accumulation plan, potentially signalling confidence in the token’s long-term value, despite recent price fluctuations.
Besides, on Tuesday, The Ether Machine announced that it added another 150,000 ETH to its treasury, bringing its total holdings to 500,000 ETH, worth around $2.19 billion.
Consistent accumulation by major players highlights that strategic positioning is key in the current market. Further, the token will likely continue to attract institutional interest in the coming months, driving the price further.
Ethereum accumulation has helped the coin climb to $4,385, making a 20.1% increase in a month and a staggering 84% rise in the past year, per CoinMarketCap data.
Additionally, the latest CoinShares report indicates that ETH ETFs have assets under management of $37.9 billion, an optimistic signal to maintain ETH’s momentum.
Treasury excitement has been a major driver of ETH’s recent price surge. Unlike Bitcoin, ETH holdings can be staked, turning idle reserves into a yield engine. This makes Ethereum a different kind of balance sheet bet: asset and an income stream.
That said, it’s a double-edged sword. If ETH keeps getting locked up for staking/yield, investors can expect sustained price pressure, but also sharper volatility if hoarders face forced selling or sentiment turns.
James Toledano, Chief Operating Officer at Unity Wallet, told Cryptonews that network-level improvement in capacity, lower DeFi transaction costs, and active Layer‑2 adoption have also fostered a flurry of on‑chain activity.
“Momentum may carry ETH higher in the near term; however, history cautions toward late‑Summer/September pullbacks even after sharp rallies,” he added.
Bulls see ETH’s ability to hold $4,450 as critical for maintaining upward momentum.
