BitMine has increased its Ethereum (ETH) holdings by an eye-popping amount. The company received a transfer of 46,255 ETH from a BitGo custodial address, worth approximately $201 million.
According to Onchain Lens, after this transaction, BitMine’s total holdings reached 2,126,018 ETH. At current market prices, this is worth approximately $9.24 billion.
This figure further cements BitMine’s position as the world’s largest corporate ETH holder. Imagine, their holdings exceed several major exchanges, often known as Ethereum custodians.
BitMine’s growing reserves raise both optimism and concerns
On-chain data monitored by several analysts shows that BitMine has consistently increased its holdings in recent months. Previously, the company reported reserves of approximately 2,069,443 ETH, with total digital assets and cash exceeding $9.21 billion. This indicates that they are indeed placing Ethereum at the heart of their financial strategy.
Furthermore, this accumulation is not just about paper numbers. The crypto market tends to react to the movements of large players. If one company locks millions of ETH in their wallet, the circulating supply automatically decreases.
Not only that, but this situation is often considered bullish by some market participants, as supply pressure can drive up prices.
However, there’s also a flip side to this story. The excessive concentration of ownership in one entity has many wondering, what if BitMine decides to sell most of its assets? The impact could be like a sudden shock to the market, and no one knows whether the market is ready to accommodate it or will panic.
Amid this discussion, one interesting point emerged. BitMine apparently has ambitions to control around 5% of the total ETH supply. With such a large target, it’s understandable that they continue to increase their reserves.
The question is, will this strategy make Ethereum increasingly like digital gold locked in a vault?
Meanwhile, BitGo’s role as a remitter cannot be ignored. As a custodian of digital assets, they are trusted by many institutions to safeguard the security of billions of dollars in transactions.
But every time a transfer of hundreds of millions of dollars like this occurs, security and regulatory issues come back into the spotlight. However, the market still remembers several cases where digital asset management was not as safe as expected.