BitMine Immersion Technologies, the largest corporate holder of Ether, announced a $65 million purchase of ETH, reaffirming its commitment to strengthening its position in this cryptocurrency asset.
New Ether Purchase
BitMine Immersion Technologies acquired $65 million in Ether through six transactions on Galaxy Digital's over-the-counter market. This purchase marks its first in this month and comes at a time when reserves of ETH on centralized exchanges have reached a three-year low.
BitMine Stock Dynamics
Shares of BitMine Immersion Technologies (BMNR) ended Wednesday at $44.86, up 5.58% from the previous day, but slightly dipped in after-hours trading to $44.62. Nevertheless, BMNR shares have surged 540% year-to-date, although they remain below the peak of $135 reached on July 3.
Price Forecast from Tom Lee
Recently, Tom Lee, co-founder of Fundstrat, reiterated his long-term price target for Ethereum at $60,000. He compared Wall Street's rising interest in ETH to the historic 'Nixon shock' of 1971 when U.S. stock markets surged. Lee pointed out that companies holding ETH should trade at a premium due to staking yields, currently around 3%.
BitMine's $65 million Ether purchase underscores the company's sustained interest in this asset amid declining volumes of ETH on centralized exchanges.
