Ethereum News: Tom Lee’s BitMine, Ether Machine, GameSquare Expand ETH Treasury

Key Insights:

Recent Ethereum news showed that Strategic ETH reserve surpassed $10.80 billion, triggering an upside momentum in ETH price.
BitMine Immersion Technologies expanded ETH treasury to over $2.9 billion.
The Ether Machine boosted its treasury to more than $1.2 billion after a 10,605 ETH purchase.
GameSquare bought an additional 2,717 ETH for $10 million, increasing treasury holdings to 15,630 ETH.

Ethereum price gains upside momentum amid various positive Ethereum news, including an increase in whale accumulations and a significant rise in total strategic Ethereum reserves.

Tom Lee’s BitMine Immersion Technologies (BMNR), The Ether Machine (DYNX), and GameSquare (GAME) purchased additional ETH in millions. The strategic ETH reserve surpassed 2.99 million ETH, valued at over $10.80 billion.

BitMine Immersion Boosts Ethereum Treasury to 833,137 ETH, Recent Ethereum News Shows

BitMine Immersion Technologies, in a press release on August 4, disclosed an increase in its total Ethereum holdings to 833,137. This positioned the firm to secure the largest ETH treasury spot, holding nearly double the ETH holdings of SharpLink Gaming.

Moreover, the firm became the third-largest crypto treasury overall with over $2.9 billion in ETH and crypto holdings. Strategy (previously MicroStrategy) and MARA Holdings are the only two corporate treasury reserves bigger than BitMine.

Tom Lee of Fundstrat, Chairman of BitMine’s Board of Directors, said the firm is moving swiftly to hold 5% of the circulating supply.

BMNR stock price soared more than 2% to $33 at the time of writing. The stock has rallied almost 347% year-to-date (YTD).

Notably, notable investors such as Peter Thiel, Bill Miller III, and Cathie Wood purchased BitMine Immersion Technologies shares.

The Ether Machine Acquires 10 Million ETH

The Ether Reserve, a subsidiary of The Ether Machine, acquired 10,605 ETH at an average price of $3,781. The firm aims to build a long-term ETH treasury and generate yield for its shareholders.

With the latest purchase, the firm now holds 345,362 ETH worth over $1.2 billion. Andrew Keys, co-founder of The Ether Machine, asserted that the company to buy ETH, stake it, and restake it to generate yield.

DYNX stock continued its downfall and dropped slightly to $10.83 at the time of writing. The stock had climbed 6% in a month and 11% YTD.

GameSquare Announces 2,717 ETH Purchase, Ethereum News Cycle Improves

In an X post on August 4, GameSquare disclosed a purchase of an additional 2,717 ETH for $10 million. With the latest purchase, the firm increased its treasury holdings to 15,630 ETH.

Moreover, the board of directors approved a stock repurchase program. The firm plans to buy up to $5 million worth of GameSquare’s common stock from ETH yield.

Justin Kenna, CEO of GameSquare, confirmed a capital allocation strategy to buy back stock generated from the Ethereum yield strategy. The firm expected 8% to 14% in yield annually.

GAME stock rebounded more than 7% to $0.90 in response to the latest announcement. The stock has a YTD return of 3%, down 63% from $2.30 in mid-July.

Ethereum Price Rebounds 5%

Ethereum price jumped 5% in response to recent purchases by ETH treasury companies. The price was trading at $3,647, with a 24-hour low and high of $3,456 and $3,664, respectively.

However, the trading volume dropped 7% in the last 24 hours, indicating a decline in interest among traders.

Meanwhile, whales and institutions moved to accumulate ETH worth millions. Arkham reported a wallet address 0x18A purchased $105.5 million in ETH from Galaxy Digital. The wallet staked all ETH with Figment, the strategy known to be followed by SharpLink Gaming.

CoinGlass data also showed buying activity in the derivatives market. At the time of writing, the total ETH futures open interest jumped 3.95% to $49.43 billion in the last 24 hours.

ETH futures OI on CME and Binance ascended more than 3% and 4% in the last 4 hours, respectively. This indicates traders anticipate a further rally in ETH price.

The post Ethereum News: Tom Lee’s BitMine, Ether Machine, GameSquare Expand ETH Treasury appeared first on The Coin Republic.

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