BitMine, led by Tom Lee, has made a significant purchase of $45 million in Ethereum, increasing their total assets to $7.19 billion. These events coincide with the rising metrics of the Ethereum network.
BitMine's Investment in Ethereum
BitMine recently bought 9,500 ETH at $4,735 each, raising their Ethereum holdings to approximately 1.518 million ETH at an average purchase price of $3,492. Although this latest purchase has not yet turned a profit, the company realizes $1.9 billion in unrealized gains.
Ethereum Network Records
Ether’s network is reporting record transaction and active address numbers, as per Token Terminal data. Notably, gas fees remain low despite the increased activity, indicating that scaling solutions are proving effective.
Future of Ethereum
Some analysts are forecasting that the price of Ethereum could reach $5,500. BitMine's substantial investments and strong network metrics point to a confidence among major players in the cryptocurrency’s future.
Recent investments by BitMine in Ethereum and significant improvements in network metrics highlight investor confidence in the future of Ethereum.
