BitMine Purchases $200 Million in Ethereum Amid 3% Price Increase

BitMine Immersion Technologies (NYSE: BMNR) purchased an additional $200 million worth of Ethereum (46,255 coins) on September 11, bringing its total ETH holdings to 2.126 million, valued over $9.2 billion. This positions BitMine as the largest corporate holder of Ethereum, significantly surpassing Sharplink Gaming's 837,000 ETH treasury.

The latest acquisition follows a previous purchase of 202,500 ETH.
Corporate buyers accumulated a total of 273,300 ETH last week; The Ether Machine led with 150,000 ETH.
BMNR stock has rebounded 5% this week after a previous 23% correction.

The price of Ethereum rose 3% to $4,440 amidst a broader crypto market rally. Daily trading volume increased by 38% to $41.5 billion, indicating strong bullish sentiment. ETH futures open interest surpassed $61.5 billion, suggesting potential volatility ahead.

Net inflows into spot Ethereum ETFs reached $1.761 billion on September 10, led by BlackRock iShares Ethereum Trust (ETHA) with $74.5 million.
Analysts note tighter Bollinger Bands may indicate a significant price movement for Ethereum soon.