The price of Ethereum rose by 5.68% to $3,682.93 after starting the day near $3,489. It first surpassed $3,550, then briefly stalled before rising above $3,600. A second breakout pushed the price above $3,650, reaching a session high above $3,700 before slightly retreating. This surge represents Ethereum's best intraday performance in over two weeks.
This was accompanied by institutional acquisitions, led by Ethereum treasury firms like BitMine. BitMine has become the world's largest Ethereum treasury, with over $2.9 billion in ETH.
According to a press release, the latest purchase was made at an average price of $3,491.86. The company currently holds over 833,000 ETH, acquired in just 35 days.
President Tom Lee stated that the company aims to acquire 5% of all circulating ETH. This rapid acquisition aligns with BitMine's goal of generating long-term value through staking and ETH yield.
Bill Miller III, one of the early investors in Strategy, has also acquired a significant stake in BitMine. He compares the company's strategy to Michael Saylor's treasury shift with Bitcoin in 2020.
Meanwhile, The Ether Machine has added 10,605 ETH worth $40 million, acquired at an average price of $3,781. This raises its total ETH to 345,362.
The press release revealed that the purchase was financed through a recent private placement of $97 million. Ethery's treasury firm is actively involved in ETH staking to generate yield and support Ethereum's on-chain infrastructure.
President Andrew Keys emphasized that the company's mission is to expand the capital base of Ethereum and strengthen its network. The Ether Machine was formed through a merger between The Ether Reserve LLC and Dynamix Corporation.
Additionally, SharpLink Gaming has acquired 18,680 ETH worth $66.6 million, according to data from Arkham Intelligence. Therefore, its total Ethereum portfolio is currently valued at approximately $1.8 billion.
SharpLink began purchasing during the drop on August 1, acquiring this ETH through Galaxy Digital OTC for its Ethereum treasury. The company is currently the second largest public holder of Ethereum, only behind BitMine.
David Walsworth, the new Business Director of the Ethereum Foundation, shared his perspective on the network in a post on X. He explained why Ethereum is the liquidity layer for the internet of value.
According to him, 90% of real-world assets are now represented on Ethereum and its Layer 2 networks. He also stated that decentralized exchanges process over $170 billion in volume on Ethereum.
More than 60% of stablecoins also operate on Ethereum and its layer 2 infrastructure. The DeFi ecosystem on Ethereum is nine times larger than that of any other.
Ethereum has no rival in terms of decentralization and liquidity. Additionally, it has 10 years of activity and up to 1.1 million validators. Therefore, it is not surprising that many companies are seeking to acquire Ethereum treasury.
