BitMine Buys $113 Million in Ethereum from BitGo

HKAN | Oct 29

In a significant move for institutional crypto accumulation, BitMine has acquired $113 million worth of Ethereum (ETH) from digital asset custodian BitGo, marking one of the largest single Ethereum purchases this quarter.

Key Highlights

• BitMine reportedly executed the large-scale purchase through BitGo’s institutional trading desk, acquiring over 33,000 ETH based on current market prices.

• The transaction reinforces BitMine’s strategy of expanding its digital asset reserves, with Ethereum now forming a major component of its crypto treasury portfolio.

• The deal was facilitated through BitGo’s secure custody network, ensuring full compliance and cold-storage protection for the transferred ETH.

• BitMine’s move follows a broader institutional trend of diversifying crypto holdings beyond Bitcoin, emphasizing Ethereum’s role in decentralized finance (DeFi) and smart contract infrastructure.

Why It Matters

• Institutional confidence in Ethereum: The purchase underscores growing belief in Ethereum’s long-term potential as a foundation for decentralized applications, tokenization, and on-chain financial ecosystems.

• Shift in treasury strategy: Institutional investors are increasingly allocating significant portions of their portfolios to ETH, reflecting its perceived utility and stability within the crypto ecosystem.

• Market sentiment: Such large purchases can boost investor confidence and may contribute to short-term price strength as supply tightens across major exchanges.

• Custody trust: BitGo’s involvement highlights how regulated custodians are facilitating institutional-grade crypto deals safely and transparently.

What to Watch Next

• Whether BitMine continues expanding its ETH holdings or begins staking operations to generate yield.

• Potential ripple effects on the Ethereum price if similar large institutional purchases emerge in Q4.

• How BitGo’s growing role as a trusted intermediary influences future crypto treasury deals.

• Broader institutional interest — whether traditional investment firms follow suit as Ethereum adoption in DeFi and tokenized assets accelerates.