BitMine Immersion added 10,399 ETH to its Ethereum treasury, the company announced. The mining firm, which uses immersion cooling technology, did not disclose the purchase price or the exact timing of the acquisition.
The latest buy
The addition brings BitMine's total Ethereum holdings to a level the company hasn't publicly specified. It's one of the larger single ETH purchases by a mining firm this year, though the company hasn't said whether it plans to keep buying or hold what it has.
Why Ethereum?
Most crypto miners hold Bitcoin or sell their coins quickly to cover power bills. BitMine's decision to stockpile ether signals a bet on the network's long-term value. Ethereum's shift to proof-of-stake means holders can earn yield by staking, something Bitcoin doesn't offer. The company hasn't said if it will stake its new ETH.
Treasury play
Corporate treasuries in crypto are still rare outside of Bitcoin. MicroStrategy and a handful of firms hold BTC, but ether-focused treasuries are less common. BitMine's move could push other miners to consider diversifying beyond Bitcoin. The company's next quarterly report will likely include more details on its strategy.
No word on next steps
BitMine hasn't announced any plans to sell or stake the ether. The market will be watching for clues in the coming weeks. For now, the firm is sitting on a bigger pile of ETH than most of its peers.
