TLDR
- BitMine acquired 106,485 ETH, bringing total holdings to 1.3 million ETH.
- A whale bought 92,899 ETH, valued at $412 million, from Kraken.
- Ethereum surged to $4.9K before correcting to $4.4K in mid-August.
- BitMine raised $24.5 billion, and SharpLink secured $389 million.
Ethereum’s price experienced a significant surge in mid-August, jumping from approximately $4.2K to nearly $4.9K. This increase reflects a bullish sentiment surrounding the cryptocurrency. However, by August 16, Ethereum began to see a slight downtrend, falling from its peak of $4.8K to around $4.4K.
This decline appears to be part of a minor market correction after the recent price rally. Meanwhile, blockchain data reveals large-scale purchases of Ethereum, amounting to nearly $882 million by two major entities.
BitMine Immersion Technology’s Massive Ethereum Acquisition
BitMine Immersion Technology, a public Bitcoin mining firm, has been at the forefront of Ethereum accumulation. Over the past 10 hours, BitMine has acquired 106,485 ETH, valued at approximately $470.5 million. This brings the firm’s total Ethereum holdings to 1,297,093 ETH, worth around $5.75 billion.
While most are panic-selling $ETH, institutions keep buying.
Bitmine(@BitMNR) has bought another 106,485 $ETH($470.51M) in the past 10 hours, bringing its holdings to 1,297,093 $ETH($5.75B)!https://t.co/DSIXMpvJYp https://t.co/uzfjhOSF5Q pic.twitter.com/arq8udcEmd
— Lookonchain (@lookonchain) August 16, 2025
The company’s acquisitions were largely completed through over-the-counter (OTC) deals and direct transfers from institutional intermediaries like Galaxy Digital, FalconX, and BitGo. These strategic transactions signal continued corporate interest in Ethereum, bolstering its position in the market.
Whale Accumulation of Ethereum Grows
In addition to BitMine, another unidentified whale has been quietly amassing Ethereum. This entity has gathered 92,899 ETH, approximately $412 million, over the past four days. It has set up three new wallets, withdrawing the funds from Kraken, suggesting a long-term storage strategy.
These large purchases reflect growing confidence among crypto whales in Ethereum, as they continue to accumulate the asset in anticipation of future market developments.
Corporate Moves Fuel Ethereum Demand
The corporate push into Ethereum is further highlighted by BitMine’s recent decision to raise $24.5 billion through an at-the-market (ATM) stock offering. Similarly, SharpLink successfully completed a $389 million capital raise from common shares.
This influx of corporate capital suggests an increasing appetite for Ethereum among large-scale investors. Additionally, a newly identified entity made headlines by purchasing $1.3 billion worth of Ethereum across 10 new wallets in one week, surpassing a $1 billion record set by ETFs earlier in the week.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
