Institutional ETH Buying Surges as BitMine Doubles Down on $9.2 Billion Treasury

A suspected address linked to Trend Research has been actively accumulating Ether (ETH) through a series of leveraged transactions. According to Yu Jin, two addresses associated with Trend Research withdrew 34,000 ETH from Binance and deposited it into Aave a week ago. Within the past hour, they borrowed 80 million USDT from Aave and transferred it back to Binance, using the funds to acquire an additional 9,377 ETH. As a result, the two addresses now hold a total of 43,377 ETH, valued at approximately $192 million.

This activity aligns with a broader trend of institutional and corporate entities expanding their Ethereum holdings. Notably, blockchain firm BitMine Immersion Technologies added $200 million worth of ETH to its treasury in a single transaction, purchasing 46,255 ETH from digital asset trust Bitgo. BitMine, already the largest public company by ETH holdings, now possesses over 2.1 million ETH, valued at more than $9.2 billion. This acquisition reinforces its dominant position in the Ethereum treasury market, surpassing the second-largest holder, Sharplink Gaming, which holds over 837,000 ETH.

The surge in Ethereum treasury purchases has been accompanied by strong stock performance for several companies. BitMine’s earlier transaction on Monday added 202,500 ETH to its holdings, pushing its total past the 2 million ETH threshold for the first time. The recent purchase has further widened the gap between BitMine and its peers, with its current holdings accounting for nearly double that of the next-largest holder. The growth in ETH value—up nearly 2% in a single day—has also contributed to the significant increase in the firm's portfolio value.

In contrast, Bitcoin treasury purchases have seen a relative slowdown this week. Public firms have made only four Bitcoin buys since Monday, totaling around $60 million, significantly lower than the previous week’s activity. Despite the lower volume, some companies have still seen substantial stock price surges following their announcements. For example, Pop Culture Group, a Chinese hip-hop promotion firm, saw its share price jump over 40% after announcing a $33 million Bitcoin purchase of 300 BTC. Similarly, Robin Energy, an oil and gas shipper, experienced a 150% surge in early trading after acquiring $5 million worth of Bitcoin, though its share price stabilized at a 21% gain by the end of the day.

The pattern of stock price movements in response to cryptocurrency purchases has continued across different markets. Hong Kong-based QMMM Holdings saw its shares rise over 1,700% following an announcement of a $100 million investment in Bitcoin, Ethereum, and Solana. However, the stock subsequently fell nearly 50% the following day, reflecting the volatility associated with such moves. Greg Cipolaro, NYDIG’s global head of research, has noted that while initial gains are often substantial, the premiums for these companies are beginning to normalize, with a “bumpy ride” anticipated for firms awaiting public offerings or shareholder sell-offs.

The increased participation of corporate treasuries in the Ethereum market has broader implications for liquidity and price dynamics. With entities like BitMine and Trend Research aggressively accumulating ETH, market observers are watching closely for signs of how these large-scale purchases might influence Ethereum’s price trajectory and DeFi activity. Given the current trajectory, Ethereum treasury activity is shaping up to be a key factor in the next phase of market development.