BitMine Immersion Technologies, the largest corporate holder of Ether, made a significant purchase of ETH worth $65 million, marking an important event in the cryptocurrency market.
BitMine's Acquisition of ETH
On Thursday, BitMine Immersion Technologies purchased $65 million worth of ETH, marking its first batch of acquisitions for the asset this month. The company executed six transactions through Galaxy Digital’s over-the-counter desk to complete the acquisition, according to blockchain analytics platform Arkham Intelligence. This purchase comes at a time when Ether reserves across centralized exchanges have hit a three-year low, with a 38% decline in supply since 2022 due to corporate treasury purchases and exchange-traded funds soaking up the supply.
BitMine Stock Performance
Shares of BitMine Immersion Technologies ended Wednesday’s trading session at $44.86, up 5.58%. However, the stock saw a minor dip of 0.54%, ending the after-hours trading at $44.62. Nonetheless, BMNR is up 540% year-to-date; however, the stock has dropped nearly 67% since its July 3 high of $135.
Tom Lee's Forecasts
On Wednesday, Tom Lee appeared on the Medici Presents: Level Up podcast, where he reaffirmed his view that ETH will reach a long-term price target of $60,000. Lee noted that Wall Street's interest in ETH might become a '1971 moment' which could drive the asset higher. He emphasized that publicly traded companies with ETH treasuries should trade at a premium as they can stake their respective ETH holdings.
BitMine's recent actions in acquiring ETH highlight current trends in the cryptocurrency market, and expert forecasts may indicate further changes in the asset's value in the future.
